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Alexandria, TMG Snag Vacant Market Street Mall
Pasadena-based Alexandria Real Estate Equities Inc. and San Francisco-based TMG Partners acquired the vacant 264,000-square-foot 6×6 mall near San Francisco’s Union Square. The $150-million center at 945 Market St. was built by Dallas-based Cypress Equities in 2017, and has sat empty since. Cypress subsequently secured city approval to convert 50,000 square feet to office.
Alexandria said in a statement, “We are excited to be bringing this important property under local control and look forward to securing a mixed-use project with a strong retail presence.”
The center is near The City’s primary shopping district, though its Mid-Market location at Market and 6th has been undergoing a lengthy transformation. It has fought to emerge from the shadows as a rundown, crime ridden area, into a revitalized stretch of Market street that’s attracting tech occupiers, hotels and residential developments.
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- ◦Sale/Acquisition




