The parent company of IKEA has acquired the building in San Francisco.
The building, which occupies 250,000sq ft of retail space opened in 2016 but has since largely remained vacant, although permission was granted by the city to convert some of the retail space into offices in 2018, this did not help the struggling retail space. According to SF Gate, the location was then sold to Alexandria Real Estate Equities and TMG Partners for $179M.
With a huge portfolio which consists of 45 mall locations in many global markets including China, Russia and Europe, this move comes as the company has reportedly stated that they plan to spend $7.9bn on acquisition in the coming year.
“We’re proud to confirm that Ingka Centres has purchased the 6×6 building at 945 Market Street.” IKEA stated, whilst also teasing that the plans they currently have for the location will be revealed in the near future.
