by J.K. Dineen
San Francisco Business Times
Venture Capitalist Tom Perkins has bought a penthouse condo in the Millennium Tower on Mission Street, paying $9.35 million for a 4,806 square foot unit on the 60th floor.
The 77-year-old is a co-founder of the Menlo Park-based Perkins Kleiner Perkins Caufield & Byers, the legendary Silicon Valley venture capital group that helped finance Google, Genentech, Amazon.com, and Electronic Arts.
In an interview with Bloomberg, Perkins said he was “very enthusiastic” about the penthouse and suggested that he had timed the market well.
“Prices have taken a tremendous discount,” Perkins said. “I’m no real estate tycoon, but I think we’re at the bottom or slightly on the way up.”
The purchase comes a month after Perkins sold his 289-foot luxury yacht, “The Maltese Falcon,” for $99 million. Ken Freivokh, the interior designer who decorated the Maltese Falcon, has been hired to design the penthouse, according to Bloomberg. He plans to keep his main residence in Belvedere.
Realtor Gregg Lynn of Sotheby International, who specializes in high-end condos, called Perkins decision to buy “a statement of credability about the Millennium lifestyle.”
“I have a lot of clients that are looking at buying units right below him,” said Lynn. “Many of them have come back for a second or third or fourth time. This piece of information is going to help them with their final decision.”
In July, Millennium Partners sold another penthouse for $8.1 million to a Chinese engineering executive. A third penthouse is in contract, leaving one remaining.
“I think this is one of the key penthouses in San Francisco and once it is built out it will be extraordinary,” said Lynn.
Lynn is currently marketing for sale for $49 million the St. Regis penthouse owned by Victor MacFarlane, chairman and CEO of MacFarlane Partners, a San Francisco-base real estate investment management firm.