New York-based Synapse Development Group, and its Kuwaiti partner, has acquired a mixed use building at 944 Market Street in San Francisco for $33 million.
Synapse and AQARAT, one of Kuwait’s leading real estate companies, are currently working on a several other development projects including YOTEL San Francisco and a land assemblage in Williamsburg, Brooklyn.
“The acquisition of 944 Market Street marks another major milestone for the Synapse/AQARAT partnership as we continue to expand our real estate portfolio in urban markets,” said Justin Palmer, CEO of Synapse Development Group.
Union Labor Life Insurance Company (ULLICO) provided a $21.7 million senior mortgage for the acquisition.
Originally constructed in 1907, 944 Market Street includes over 43,000 square feet of office space and ground-floor retail. The partnership plans to reposition the property and complete façade restoration work.