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Deal for San Francisco Apple Store building estimated at $50M

updated 01:18 pm EDT, Wed September 25, 2013

Apple relocating to Post and Stockton

A New York real estate firm, Ashkenazy, is paying $50 million for the building housing Apple's current One Stockton Street store in San Francisco, industry sources say. The deal is believed to be worth $3,000 per square foot, well in excess of the previous record for Union Square, $2,328, set in 2008. Ashkenazy is also paying $110 million -- $2,500 per square foot -- for a building at the corner of Geary and Stockton. Prior to this week One Stockton was controlled by a German fund, Deka-Immobilien.

Apple is in the process of relocating to a new site at 300 Post Street, on the corner with Stockton. The company is still working to gain approval from the San Francisco Planning Commission however, so it's not clear if or when the move will happen. Apple has had to alter its plans to keep a popular fountain intact, and prevent a wall along Stockton from being a featureless gray slab.

by MacNN Staff





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