TLDR:
- Thrive Capital, led by Joshua Kushner, bought a century-old building in San Francisco’s Jackson Square for $9 million.
- The historic firehouse on 451 Pacific Avenue was sold by Michael and Xochi Birch, owners of the Battery.
Article Summary:
Thrive Capital, a venture capital firm founded by Joshua Kushner, has acquired a historic firehouse building in San Francisco’s Jackson Square for $9 million. The building, known as Engine No. 1, was sold by Michael Birch and Xochi Birch, who own the Battery, a private social club nearby. The two-story brick-and-timber building was constructed in 1908, replacing a former firehouse destroyed in the 1906 earthquake.
The sale price of $9 million translates to $874 per square foot, a decrease from the $12.8 million purchase price in 2020, when the property was bought for $1,243 per square foot. While the size of the building is stated as 10,300 square feet by LoopNet, the San Francisco Chronicle estimates it at 7,000 square feet.
It is uncertain if Thrive Capital has an existing office in San Francisco, but the company is reportedly seeking a temporary office space until renovations are completed in the Jackson Square property. Thrive Capital focuses on investment in internet, software, and tech-enabled firms. With former Apple designer Jony Ive owning multiple buildings in the area, including the recent purchase of the Little Fox Theatre building, it seems like a strategic location for companies like Thrive to establish a presence.
The venture involving Ive, Sam Altman, and potential investors like the Emerson Collective and Thrive aims to raise $1 billion for an artificial intelligence device project. This collaboration further solidifies the tech-driven interest in the Jackson Square neighborhood.
