365 Main | San Francisco
Often, the value of a property can be greatly enhanced by changing its primary use without rezoning. The former U.S. Navy warehouse at 365 Main Street is a good example. Grant was aware that an existing client, AboveNet Communications, needed a data center location in San Francisco. The building at 365 Main Street was an ideal size to meet the company’s requirements, and Grant and his partner successfully negotiated a long-term, fully net lease for the entire building in its ‘as is’ condition. The lease was signed before the partnership even closed on the purchase of the property, adding more than $25 million to its value.
115 North Santa Cruz | Los Gatos
This last great mansion on the main thoroughfare of the Town of Los Gatos had been a private residence, a mortuary and a chain seafood restaurant before falling into vacancy and disrepair. One of its attributes, besides great architectural charm and high visibility, was an overflow parking lot at the rear of the building. The parking lot enjoyed frontage on one of the Town’s better residential streets. By modifying the restaurant seat count only slightly, Grant recognized that it was possible to meet the Town’s parking ordinance without the rear parking lot – and sold the lot to a custom home builder for more than $1 million. After making some renovations to the historic building itself, Grant negotiated a lease of the entire property to a fine-dining restaurant operator.
2 Bryant Street | San Francisco
This solid warehouse building, located on the Embarcadero with views of the San Francisco Bay, was easily converted to office use – without rezoning or an environmental impact report, even though it had no on-site parking. It leased up quickly to professional tenants, including a major architectural firm. Grant and his partner managed the acquisition, financing, design, renovation, and leasing of the 50,000 square foot building.