ADCO Group to retain economic interest
ADCO Group, (“ADCO”) a privately owned U.S. real estate and merchant banking company, announced today a fund managed by Shorenstein Properties LLC has acquired the property in San Francisco known as Market Square, with ADCO retaining a continuing economic interest in the property.
“Plans for the renovation of this landmark building are in place and the Shorenstein team is proceeding immediately”
Market Square is a historic, multi-use facility with a full block front of retail and high-tech commercial space in San Francisco. Eric Grossberg, Managing Director of ADCO, stated “ADCO is very pleased to pass the baton to Shorenstein, one of the nation’s premier real estate organizations, whose development plans and long-term ownership philosophy align closely with those of ADCO. Shorenstein respects our 43-year ownership of this building and shares our vision for the future of Market Square and the surrounding neighborhood. We look forward to working together with them for many years to come.”
The 1,090,000 square foot property will be fully upgraded into a Class A office facility with retail amenities and will be an anchor for the revitalization of the Civic Center. With large floor plates, high ceilings, magnificent art deco features, underground parking and easy access to public transportation, Market Square will offer an appealing new option for a variety of tenants.
“Plans for the renovation of this landmark building are in place and the Shorenstein team is proceeding immediately,” says Grossberg. Market Square will be environmentally friendly and is expected to receive LEED Gold certification.' ' ) ); ?>