McKesson Corp. is selling its prominent 488,882-square-foot Market St. headquarters in San Francisco, and plans to lease back 200,000 square feet. The giant North American pharmaceutical distributor will retain its HQ at One Post St.
The sale could generate a price north of $300 million for an asset McKesson’s owned outright since 2012, when it acquired Glenborough Realty Trust’s 50% stake. The company had owned a 50% stake in the property since 1969.
JLL’s Rob Hielscher is marketing the property.
The sale-leaseback frees up capital that McKesson plans to invest back into employees and customers, as well as focusing on driving shareholder value.
McKesson is consolidating its footprint in the city, and plans to have about 1,200 employees at One Post St. by 2017. Roughly 25% of the building will be for lease.
For comments, questions or concerns, please contact Dennis Kaiser
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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