Flynn and DRA Acquire San Francisco Market Center

SAN FRANCISCO (June 2, 2025) –– Real estate investment firms Flynn Properties (Flynn) and DRA Advisors (DRA) today announced their strategic acquisition of San Francisco’s iconic Market Center, a dual tower complex offering 770,000 square feet of Class A office space in the heart of the city’s Financial District. The Market Center acquisition is the largest post-pandemic office trade in San Francisco, and very well could signal a turning point for the city’s office market. Flynn and DRA acquired the property by purchasing the loan secured by it and then accepting a deed-in-lieu of foreclosure in a transaction representing a significant discount from its previous sale price of $722 million in 2019.

Market Center, comprised of the 21-story 555 Market Street tower and the 40-story 575 Market Street tower, is prominently located adjacent to the Montgomery Street BART and MUNI stations. The postmodern high-rises are currently home to high-profile companies such as Waymo, Harvey AI and Mindspace.

Flynn Properties and DRA Advisors plan significant improvements to the property, including the construction of a state-of-the-art activity center – The Break Room – the likes of which has never been seen in San Francisco. The Break Room will consist of a nearly full-sized basketball court and climbing wall facing Market Street, multiple pickleball courts, full gym, yoga and spin studios, conference facilities, café and lounges. Combined with the property’s excellent location, views, and efficient floorplates, Flynn and DRA are confident that this one-of-a-kind office experience will bolster leasing activity and tenant retention.

“We know San Francisco intimately – we’ve invested here for more than three decades and through three major real estate cycles,” said Greg Flynn, Founder and CEO of Flynn Properties. “Covid was tough on San Francisco, but the city’s recovery is well under way, and we are optimistic and eager to invest in this recovery. Our belief is, never bet against San Francisco in the long run as it has too much going for it! We’re grateful to DRA for sharing this optimism and are looking forward to elevating Market Center to be the most dynamic and active Class A office option in San Francisco.” 

The acquisition of Market Center is one of several recent investments in the San Francisco by Flynn Properties, including the Huntington Hotel, an historic icon located on Nob Hill, and 631 Howard Street, a 109,000-square-foot historic office building located in San Francisco’s South Financial District. Flynn Properties’ hospitality investments, which span over 100 hotels including five super-luxury resorts in Napa, Cabo and Telluride, position it well to deliver an elevated service experience at Market Center.

“We’re excited to partner with Flynn Properties and invest in the rebound of San Francisco,” said DRA’s Dan Goldman. “Considering all macroeconomic factors and seeing a real inflection point in San Francisco’s recovery, the timing of this investment is ideal to capitalize on the return to office movement in this dynamic market.”

The Flynn and DRA teams have engaged JLL to provide overall leasing services at for Market Center. The JLL team includes Chris Roeder, Charlie Hanafin, Jak Churton and Lexi Castellino. “Market Center is a premier asset with exceptional fundamentals that Flynn and DRA are well-positioned to unlock through creative repositioning and deep investment,” said Chris Roeder. “Flynn’s roots in luxury hospitality and specialization in value-add San Francisco opportunities guarantee a transformative outcome for the property. We at JLL are very excited to partner with Flynn and DRA to bring this exciting new offering to market.”

Eastdil Secured served as exclusive advisor on the transaction.