April 25, 2012

The San Francisco Bay Guardian Sells (Out?)

135 Mississippi (www.SocketSite.com)

Union Property Capital (UPC) is in contract is to purchase the San Francisco Bay Guardian’s Potrero Hill headquarters building at 135 Mississippi for $6.5 million. Guardian owner Bruce Brugmann purchased the building for $4.7 million in 2002.

From the Business Times with respect to a bit of sale hypocrisy irony:

The Bay Guardian has been a vocal opponent of development in the city, railing against highrise construction, luxury housing, and zoning rules that favor tech and knowledge-based companies over more traditional blue-collar jobs.
Ironically, it was UPC that assembled and did the early planning on one of the most prominent highrises built in downtown San Francisco in the last decade: Tishman Speyer's two-tower Infinity project at 300 Spear St.
UPC also developed a data center at 365 Main St., built a luxury residential loft project at 150 Powell St., and repositioned SoMa buildings like 330 Townsend St. and 840 Brannan St. for dot-coms. The company also completed a condo conversion of a former rental building in Alamo Square — the sort of project that the Guardian routinely opposes in the interest of protecting the city's rental housing stock.

And yes, we do believe UPC has set its sights set on developing the property.

SF Bay Guardian seeks to cash out in hot real estate market [Business Times]

First Published: April 25, 2012 6:00 AM

Comments from "Plugged In" Readers

Brugman is a union buster, and he also had his publication tacitly (actually, not so tacitly, if I recall correctly) support his buddy Dick Hongisto's round-ups of peaceful demonstrators. He has always been a hypocrite. Selling to a gentrifying developer is what I would expect of him.

Posted by: Trevor at April 25, 2012 7:16 AM

Boil it down and the Guardian's politics are all about other people's property. When it comes to their own property, though, it's different.

Posted by: unwarrantedinlaw at April 25, 2012 7:18 AM

Bruce lays another deuce? Tell me its not so!

Posted by: Stucco_Sux at April 25, 2012 7:58 AM

Brugmann confirmed that the newspaper is being sold, too: http://www.sfbg.com/politics/2012/04/24/guardian-announcement

Posted by: Dan at April 25, 2012 8:19 AM

Maybe now they will take down that awful oversized, overlit billboard on the back of the building. It is a sweet irony that the fate of the Guardian's success is corporate money.

Posted by: marvinsnephew at April 25, 2012 8:21 AM

Certainly he will donate all of his "ill-gotten" gain to a non-profit housing group. I wonder if the sorry hypocrite received a personal luxury condo in the replacement building as part of the deal. Good riddance.

Posted by: Rome is Burning at April 25, 2012 9:28 AM

I wonder if Bruce is including the street dweller that has taken up permanent residence at their front entrance in the price.

Posted by: Victor at April 25, 2012 10:41 AM

"The famous 'Bruce Blog' will continue uninterrupted."

Posted by: EH at April 25, 2012 11:01 AM

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