In a striking reversal to an ongoing trend that found many top-named retailers exiting San Francisco, the commercial property owner and developer Grosvenor announced a new long-term lease with the luxury Italian jewelry and accessory designer Bulgari in the city’s Union Square neighborhood.
Bulgari is taking over 9,000 square feet across multiple levels in the downtown property located at 200 Grant Ave. Grosvenor is reconfiguring the retail portion of the building to accommodate the tenant’s needs as part of the lease agreement. An opening date for the new retail store was not announced.
“Known for its premier location and high visibility, our property is a natural choice for global brands seeking to capitalize on the enduring vibrancy of the Union Square neighborhood,” said Nathan Lundell, vice president of asset management at Grosvenor in San Francisco. “Bulgari adds to the mix of luxury retailers nearby, joining esteemed brands such as Cartier, Harry Winston, Fendi and Dior, solidifying the area’s status as a top destination for visitors.”
“We believe strongly in the San Francisco retail market and continue to develop Bulgari’s presence with a long-term vision in the city,” added Vincenzo Pujia, global sales and retail vice president for Bulgari. “This new location, in the heart of the city, is the perfect environment for the brand to express itself and welcome our clients.”
Laura Barr, Alex Sagues and Madeline Mandanis with CBRE represented Grosvenor in the transaction, which follows the recent news of St. John Knits securing a 1,500-square-foot lease at 245 Post St., another site in Grosvenor’s Union Square property portfolio.
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As a former SF resident, I wish the best for Bulgari.