1754 Properties Makes First Office Acquisition with Google-Leased San Francisco Asset

A joint venture between affiliates of 1754 Properties and Vander Capital Partners has closed on the acquisition of 40 Jessie St., a 49,560-square-foot office building in downtown San Francisco that is 100% leased to Google. The property traded for nearly $28 million, according to the San Francisco Standard.

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 12-month 2025 total.

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

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