SPOTLIGHT: A Reviving Market for Office Condos?

San Francisco’s Business Times is reporting that local investors Sean Murphy and Sean McArdle have sold at least one of five new office condominiums in Mission Bay’s Beacon development.
According to The Times, the 4,500 sf space went to Washington-based architecture firm Gallagher & Co., which specializes in museum design, and commanded a price of $2,000,000, or nearly $445 psf.  Negotiations are purportedly underway for two of the remaining four units.
The 20,000 sf commercial condominium project, known as the Beacon Suites at 290 King, consists of units ranging from 3,500 to 4,500 sf perched above the Safeway shopping center in Mission Bay.  The development is in one of the hottest real estate markets in the city – a point not lost on the team of Murphy & McArdle, who note that the mix of uses in the area and its accessibility to transit were big selling points for the project.
More information about the property is available at the McArdle Investments website.