A joint venture between affiliates of 1754 Properties and Vander Capital Partners announced the closing of its acquisition of 40 Jessie Street, a 49,560-square-foot office building in downtown San Francisco that is 100% leased to Google.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261105039688/en/

A joint venture between affiliates of 1754 Properties and Vander Capital Partners acquired 40 Jessie Street (pictured).

A joint venture between affiliates of 1754 Properties and Vander Capital Partners acquired 40 Jessie Street (pictured).

40 Jessie Street sits in a central downtown location just one block from Salesforce Tower and minutes from BART’s Montgomery Street station. The property is located in South Financial District, the heart of San Francisco’s Class A office submarket, among some of the strongest leasing activity in the city from artificial intelligence, technology and venture capital tenants. Anthropic, OpenAI, Databricks, Salesforce and Okta are among the neighboring occupiers within a few blocks.

The building has been leased to Google and its predecessor affiliate since 2016. The property combines conventional office space with purpose-built laboratory infrastructure, and the lease runs through December 2030.

The acquisition comes amid a broad resurgence in San Francisco’s office market, fueled by the city’s booming AI and technology sectors. According to Cushman & Wakefield, San Francisco recorded 3.6 million square feet of office leasing in the third quarter of 2026, bringing year-to-date new leasing to more than 9.0 million square feet – already exceeding the total for all of 2025. AI companies alone leased more than 4.4 million square feet through the first three quarters of the year, more than double their 2.1 million square feet in all of 2025, and citywide vacancy fell 410 basis points year over year to its lowest level since 2023.

“This marks 1754’s first office acquisition, and we look forward to many more,” said Alexander Galewicz, managing partner of 1754 Properties.

1754 Properties is a hotel and commercial real estate ownership and investment platform backed by top family offices from the USA and abroad, financial institutions from the Middle East and private equity investment firms.

“1754 is fortunate to have access to significant family offices which allow a more reliable closing through choppy geopolitical situations, inflation, rising interest rates and other difficult situations,” added Galewicz.

This investment represents capital deployment from 1754’s co-GP investment program. “We are thrilled to have been a co-sponsor along with Vander Capital,” said Joe Smith, CEO of 1754 Properties. “We are seeking more sponsors in office sector in top MSA locations who would benefit from 1754’s GP capital, access to institutional limited partner equity capital, deep debt relationships, substantial guarantee capacity and finance and accounting teams to help execute a transaction.”

About 1754 Properties

Based in South Florida with offices in Mexico City and Phoenix, 1754 Properties is an institutional owner, developer, lender and asset manager of hotels, restaurants and other hospitality assets in addition to being an owner of commercial real estate such as office and multifamily assets. 1754 Properties’ team has executed over 50 institutional investments with partners such as pension plans of Fortune 500 companies, university endowments, private equity firms, top 100 worldwide international family offices, and one of the largest financial institutions in the middle east. The firm typically invests in assets ranging from $50 million to $500 million in value.

www.1754properties.com

About Vander Capital Partners

Vander Capital Partners is a privately held real estate investment firm.

Market data source: Cushman & Wakefield, San Francisco Office MarketBeat Q3 2026.

Media gallery

About The Author
Business Wire