The partners also acquired a 51% stake in the Dutch Holland America Line.
But Mr. Speyer was reluctant to let go of the landmark, which the partners acquired in 1997 for about $220 million.
He and some partners acquired a long-term lease to the rag building.
The partners acquired the site in December and will choose an operator over the next two months.
Under their redevelopment agreement the partners acquired the site for $17 million, $5 million of which has been paid.
Burton and two partners acquired the network in 2001, after it had gone bankrupt.
In 1921 at age twenty-three, he and a partner acquired a grocery store.
Last year the partners acquired the eight acres for $2.3 million at a state-run auction.
The purchase brings to 12 the number of buildings, totaling 1.6 million square feet, that the partners acquired in the last 8 months.
Pat Kelley, the general manager of the saloon, at 3199 Fillmore Street, has worked there since before the current partners acquired it in 1995.