Funding green upgrades gets easier, demonstrating the strong appetite for San Francisco office buildings

Posted on by

Earlier this year, Atlanta-based Jamestown Properties sold the 145,400-square-foot 799 Market St. in San Francisco, turning a nice 48 percent return from the $96 million it paid in 2012.

The building traded for a lofty $141.5 million or $973 per square foot, demonstrating the strong appetite for San Francisco office buildings as well as showcasing how a green retrofit drives up the value of a property.

Jamestown completed several upgrades to the property such as reducing its energy use by 35 percent, thereby bringing down operating costs.

“Energy efficiency is definitely a driver of value,” said Jacob Arlein, a partner with Stok, a San Francisco-based green building consulting firm, which worked on the 799 Market retrofit.

Read the full San Francisco Business Times article