G
lenn Gilmore and Jesse Feldman's Brick & Timber Collective has made its mark on San Francisco's Barbary Coast with a new acquisition. The investment fund purchased the Public Policy Institute of California's 115,568-square-foot headquarters at 500 Washington Street for $32.7 million in an all-cash deal.

    The property was originally bought by PPIC in 2001 for $30.4 million and has served as their home for nearly two decades. While PPIC currently occupies two floors, they plan to remain there for now. The organization's director of digital strategy, Stephen Bliss, declined to comment on the sale, which had been in the works since October.

    This deal marks the beginning of Brick & Timber's buying spree in San Francisco, with plans to spend $500 million on office properties in the city. Feldman previously stated that this marked "the beginning of a new cycle" for the city's office market. The property is currently occupied by eight tenants, including PPIC.

    Colliers' Robert Gilley brokered the sale, but declined to comment. Brick & Timber has been expanding its portfolio beyond Miami, where they had previously focused.