Embarcadero Square

[Paskasi Coppola]

Blackstonehas been backing away from office properties globally as the work from home trend and slower hiring in the tech sector challenge the asset class, at the same time that it pursues acquisitions in higher yielding segments like industrial and rental residential.

The complex, which had been known as Embarcadero Square when it was owned by Gaw Capital, is currently home to a Regus serviced office location, electrical contractor CBF, ad agency Questus, medical software firm DocMatter and a broad assortment of other startups and service providers.

However, that squad of occupiers leaves the property around 40 percent vacant, according to an account in the San Francisco Chronicle, which reported the transaction earlier. At the reported pricing, Blackstone is selling North Park for the equivalent of around $306 per square foot, or 63 percent less than the $833 per square foot that it had paid Gaw for the property in 2018.

Originally developed in 1982, North Park includes three mid-rise buildings at 550 and 650 Davis Street and 75 Broadway in the Embarcadero. During the four years which Gaw owned the complex they had largely converted it from retail to office use, according to an earlier report in the San Francisco Chronicle.

Gaw Capital operates a separate unit in North America, Gaw Capital USA and is reported to have recently filed paperwork for its fourth US investment fund. The firm had closed on $412 million in equity for its third US fund in 2018 and also holds an office building at 555 Montgomery Street in the Financial District, while its Downtown Properties affiliate holds two more assets on the same street.

A JLL report shows that the grade A office market in San Francisco suffered negative net absorption of nearly 4.5 million square feet in the third quarter, meaning that the net amount of space leased by tenants contracted by 15 times the size of the North Park complex.

Once known as the largest office landlord in the US, Blackstone is also reported to be marketing 600 Townsend Street in San Francisco, an 82,000 square foot office building once fully leased by Salesforce, which is now in need of a tenant.

Modera Jack London Square consists of studio, one-, two- and three-bedroom homes with an average square footage of 703 and den layouts available. Community amenities include a private parking garage with controlled access, EV charging stations, bike storage, bike repair station, demonstration kitchen, 24-hour fitness studio, self-serve package lockers, pet spa, clubhouse, free WiFi in common areas, game room, rooftop and outdoor decks, cyber caf and coffee bar.

Apartment interiors are equipped with wood plank-style flooring, built-in storage and shelves, nine-foot ceilings, tile backsplash, spa-inspired bathrooms, 9-foot ceilings, custom cabinetry, stainless steel appliances, quartz countertops, USB ports, walk-in and pass-through closets and front-loading washers and dryers. Select homes have a separate dining area, breakfast nook and private patios/balconies that offer city and ocean views. Residents also have access to additional storage and bike parking.

Modera Jack London Square consists of studio, one-, two- and three-bedroom homes with an average square footage of 703 and den layouts available. Community amenities include a private parking garage with controlled access, 24-hour fitness studio, self-serve package lockers, pet spa, clubhouse, free WiFi in common areas, game room, rooftop and outdoor decks, cyber caf and coffee bar.

Apartment interiors are equipped with wood plank-style flooring, built-in storage and shelves, nine-foot ceilings, stainless steel appliances, quartz countertops, USB ports, walk-in and pass-through closets and front-loading washers and dryers. Select homes have a separate dining area, breakfast nook and private patios/balconies that offer city and ocean views. Residents also have access to additional storage and bike parking.

Here in San Francisco, our gate is open to visitors. As travelers are returning, so too are a number of iconic San Francisco experiences. One of them that you should certainly add to your must-do list is a ride on the historic F Line streetcar. Here's everything you need to know about this San Francisco legend: how to ride it, what to see and do along its route, where to stay so you're near it, and why you should never confuse it for a cable car.

The F Line streetcar is part of San Francisco's public transit system (known locally as Muni). The F Line runs from the Castro along Market Street to the Embarcadero, passing through Civic Center and the Financial District, before turning north and following the waterfront to Fisherman's Wharf. The F Line is also convenient for exploring Union Square and SoMa.

We're so glad you asked. Streetcars like the F Line run above ground and get their power from overhead electrical wires. While they come in many different color patterns, all of San Francisco's streetcars have a similar shape and size. They're about as big as a city bus and they look like they rode in right out of an old movie.

Cable cars, on the other hand, are smaller and boxier. They're also a bit more unique and recognizable (but don't tell the streetcars we said that.) Like streetcars, cable cars run above ground; but unlike streetcars, they are propelled by steel cables hidden beneath the pavement. When you ride a cable car (and you certainly should), that whirring sound you hear is the sound of the cable, ceaselessly spinning along its route to carry the cable car up the steep inclines of Nob Hill and Russian Hill.

The F Line runs at street level, making it easy to spot. To board, look for a Muni stop with a sign for the F Line. Along Market Street, these are protected islands in the street that you can reach via crosswalk. Along the Embarcadero, there are protected stations with passenger waiting areas.

The Asian Art Museum (200 Larkin St.) - Home to artworks artifacts stretching back through thousands of years of history, the Asian Art Museum celebrates the many different cultures of East and South Asia. Its collection is one of the largest of its kind in the nation. A recent expansion has given the Asian Art Museum even more space to showcase its priceless items.

The San Francisco Opera and Ballet (301 Van Ness Ave.) - Sharing the War Memorial Opera House, the San Francisco Opera and San Francisco Ballet perform beloved classics and daring new works each season.

The San Francisco Symphony (201 Van Ness Ave.) - Davies Symphony Hall is home to the Grammy Award-wining San Francisco Symphony. Architecturally and acoustically superb, there is no bad seat in this house for hearing some of the world's most talented musicians.

If you disembark from the F Line at Powell Street, you'll be just a few blocks away from the shopping spree of your dreams. Your first stop can be the Westfield San Francisco Centre, home to hundreds of stores including Nordstrom and Bloomingdale's. Head north up Powell Street and you'll find yourself in the heart of Union Square, with luxury retailers like Dior, Tiffany, and Gucci all within a few tight blocks.

Oracle Park (24 Willie Mays Plaza) - Home to the San Francisco Giants, Oracle Park is the most beautiful ballpark in the country. About a 15-minute walk from where the F Line stops at Third Street, a trip to Oracle Park is worth the effort. Great views, delicious food, and clean and safe facilities all combine to create a memorable game day experience.

San Francisco Museum of Modern Art (151 Third St.) - This stunning museum is itself a work of art. Renovated and expanded in 2016, SFMOMA contains modern and contemporary works in painting, sculpture, light art, photography, and more. Exit the F Line at Third Street and walk three blocks south.

The Exploratorium (Pier 15) - This museum is the world's foremost interactive science museum. More than 650 exhibits will ignite your curiosity, challenge your senses, and transform the way you perceive the world around you. It's fun, it's educational, and it's definitely family-friendly. The Exploratorium also hosts outdoor and after-hours programs for grown-ups. (Reopening Summer 2021.)

The Ferry Building (Market St. & Embarcadero) - At this iconic building, you can hitch a ride to Tiburon and Sausalito. Or, you can stay on San Francisco soil and enjoy perusing the food stalls and vendors serving up the finest cheeses, meats, wines, and even ice creams they have to offer. The Ferry Building also hosts an incredibly popular Farmers Market on Tuesdays, Thursdays, and Saturdays. Some of San Francisco's greatest chefs source their ingredients here to create their award-winning menus!

Ghirardelli Square (North Point St. & Larkin St.)- If you ride the F Line to its final stop, you can hop off and keep walking west through the neighborhood to reach Ghirardelli Square. Full of quirky shops, restaurants and breweries, and of course, its namesake chocolate shop, Ghirardelli Square has it all.

Beit Rima (138 Church St.) - Hailed as one of San Francisco's best new restaurants when it debuted in 2019, Beit Rima is still serving up its incredible Middle Eastern cuisine at its Church Street location. Proprietor Samir Mogannam turned the family business on its head; the site used to be home to a burger joint his father ran! Now, you can order falafel, baba ganoush, batata harra, and other specialties that celebrate the family's heritage.

El Castillito (136 Church St.) - If you're looking to fill up at the start of your journey, then El Castillito is where to go. Their hefty burritos will stick to your ribs all day. Order any of their dishes "super" and you'll get sour cream, cheese, and guacamole added to your dish. Traditional favorites like quesadillas, tacos, fajitas, and enchiladas are also on the menu.

Charmaine's (45 McAllister St.) - This rooftop bar at the San Francisco Proper Hotel offers creative cocktails, an extensive wine list, and some of the most delectable small plates and bar bites you can find. On a hot afternoon or a crisp, clear evening, the views at Charmaine's can't be beat.

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