Synapse Development and AQARAT Buy 944 Market in San Francisco for $33MM

The Registry: Bay Area Real Estate

New York-based Synapse Development Group, a real estate investment and development firm, along with with its joint venture partner, the Kuwait real estate company AQARAT, acquired the nearly 43,000 square foot 944 Market Street property for $33,050,000, or roughly $768 per square foot, in an off-market transaction, according to public records. Union Labor Life Insurance Company provided a $21.7 million senior mortgage loan for the acquisition, which closed on June 2nd.

The eight-story mixed-used building is located in San Francisco’s Mid-Market neighborhood and is home to Hack Reactor, a developer school, along with a number of other service and technology-related companies. The historic building was developed in 1907, and designed by famed architect L.B. Dutton.

944 Market provides 5,300 square foot floor plates with open ceilings, exposed brick and operable windows along two street frontages providing abundant natural light. The ground floor retail suites provide 18 foot ceiling heights and Market Street frontage directly across from the new Nordstrom RACK and the proposed Market Street Place, a 250,000 square foot multi-story retail development, according to a report by Insight Realty Company.

When contacted, the buyers declined comment through a representative.

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