Burberry sold its 40,000-square-foot Union Square flagship to Moran Capital-linked 225 Post LLC for $17.4 million, more than the $16.6 million it paid in 2001. The brand is moving to a former YSL space on Geary Street, marking Union Square's first major commercial deal this year.
Huge news in San Francisco's Union Square. Burberry has just sold its nearly century-old flagship location in Union Square to a group of investors, marking the first major commercial real estate transaction in Union Square this year. The 4-story, 40,000-square-foot building has been sold to an entity named 225 Post LLC, an entity linked to Moran Capital, in a deal valued at at least $17.4 million. Burberry purchased the building in 2001 for $16.6 million and had been marketing the property since last November. It's also sold its properties in Boston and New York over the past 2 years. The sale is a positive development development for Union Square in the midst of what's been an incredibly tough commercial real estate environment in the area, not only because new investment is coming into Union Square, but also because Burberry isn't leaving. They're just relocating to another space on Geary Street, formerly occupied by YSL. No specifics on what's going to replace the Burberry flagship, but we'll be on the lookout and we'll keep you posted. Follow me for more Bay Area real estate.
