Newmark Executes Sale of the Iconic Phoenix Hotel in San Francisco

September 25, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of the Phoenix Hotel, located at 601 Eddy Street in San Francisco, California. Newmark Executive Managing Director Mark Geisreiter represented the seller, Ziegler Family LLC. The buyer was Michel Suas, owner of the San Francisco Baking Institute.

The property, known for its vibrant history, is a landmark in San Francisco's Tenderloin district. The hotel has been under the stewardship of the Ziegler family for more than 70 years.

"The Phoenix Hotel is a unique property with deep roots in San Francisco's cultural landscape," said Geisreiter. "It was an honor to represent the Ziegler family in this significant transaction, and Michel Suas' vision and commitment to the community make him an ideal new owner to continue the legacy of this historic site."

Geisreiter continued, "Over the years, high pricing and the pace of building sales have made it difficult for owner-users to enter the San Francisco market. However, with recent pricing adjustments and more patient sellers, we're seeing a significant increase in owner-users opting to buy rather than lease. This allows creative organizations and individuals like Michel Suas the opportunity to once again afford San Francisco."

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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