THE LIGHTHOUSE BUILDING
1155 MARKET, SAN FRANCISCO
The Lighthouse Building is an 11-story office building located in the rapidly evolving mid-Market area of downtown San Francisco.
Patson acquired the building, then known as 1155 Market, in 2014 in a joint venture with Canyon Capital. At the time, the building was 30% vacant. Patson put together an innovative transaction in which the vacant floors were leased by the Lighthouse for the Blind, with the intention that the Lighthouse would eventually purchase its floors and own them separately.
Patson carried out a vertical subdivision of the building, creating separate legal parcels for the Lighthouse floors. The lower eight floors of the building are 100% leased to the City and County of San Francisco.
In 2015, Patson and the Lighthouse for the Blind completed a recapitalization of the property under which the Lighthouse became the majority owner of the building, with Patson continuing in an ownership and management role.
The Lighthouse for the Blind completed construction on its new headquarters facility and moved into its new home in 2016.