The Phelan Building is a beautiful property with an impressive history, and we were very proud for the opportunity to restore it to its former glory.
New York, NY (PRWEB)
March 27, 2017
Thor Equities (http://www.thorequities.com), a global leader in urban real estate development, leasing and management, has received a Bay Area “Real Estate Deal of the Year” award from the San Francisco Business Times for the renovation, leasing, and profitable sale of the Phelan Building at 760 Market Street in Union Square.
The 11-story mixed-use property features 231,000 square feet of office space, and approximately 52,000 square feet of retail space.
“The Phelan Building is a beautiful property with an impressive history, and we were very proud for the opportunity to restore it to its former glory,” said Joseph Sitt, CEO of Thor Equities. “Thanks to our dedicated team of architects, contractors and agents, we were able to successfully renovate and lease the property, and ultimately sell it at a substantial profit.”
When Thor purchased 760 Market Street in 2008 for $130 million, it was comprised of small individual offices. With the explosion of Silicon Valley, many technology firms were looking for large open work spaces in San Francisco. After making upgrades throughout the building and reconfiguring the office space to reveal the vast size of each floor, the property immediately became desirable to technology firms and retailers.
Current office tenants include Credit Karma and Medium, an online publishing platform founded by Twitter co-founder Ev Williams. Retail tenants include Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls.
Built in 1907, 760 Market Street was instantly one of the most prominent and…