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Deals & Dealmakers

Synapse Development partners with Kuwaiti group on SF buy

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.

JUSTIN PALMER
JUSTIN PALMER

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.

944 Market Street
944 Market Street

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.

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