At a glance
- The property traded for nearly $28 million, according to the San Francisco Standard, or about $565 per square foot.
- For allocators, the $565-per-square-foot price is a closed comp for single-tenant San Francisco office risk, pricing Google's covenant through December 2030.
- Google and a predecessor affiliate have occupied the building since 2016, and the building combines conventional office space with purpose-built laboratory infrastructure.
Affiliates of 1754 Properties and Vander Capital Partners closed on 40 Jessie St., a 49,560-square-foot downtown San Francisco office building fully leased to Google.
The property traded for nearly $28 million, according to the San Francisco Standard, or about $565 per square foot. The lease runs through December 2030.
For allocators, the $565-per-square-foot price is a closed comp for single-tenant San Francisco office risk, pricing Google's covenant through December 2030.
Google and a predecessor affiliate have occupied the building since 2016, and the building combines conventional office space with purpose-built laboratory infrastructure.
Cushman & Wakefield counted 3.6 million square feet of San Francisco office leasing in the third quarter of 2026, and Connect CRE reported year-to-date new leasing above 9.0 million square feet, past the 2025 full-year total.
The purchase is 1754 Properties' first office acquisition, according to managing partner Alexander Galewicz, who said, "We look forward to many more."
| Party | Role | Detail |
|---|---|---|
| 1754 Properties affiliates | Buyer (JV) | First office acquisition, per Alexander Galewicz |
| Vander Capital Partners | Buyer (JV) | Partner in the acquiring venture |
| 40 Jessie St. | Asset | 49,560 sq ft, office plus lab, 100% leased to Google |
| Tenant | In occupancy since 2016; lease through December 2030 |
Reported by the Deals desk from Connect CRE and San Francisco Standard (cited by Connect CRE). Published . Corrections