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BofA Center Pulled From Market At Final Bid Phase

SAN FRANCISCO-With three bidders interested in the 1.8-million-sf trophy property at 555 California, joint owners Shorenstein Co. and Bank of America have reportedly decided not to sell for the time being.

By Marsha Trent | Updated on April 19, 2001

SAN FRANCISCO-Shorenstein Co. and Bank of America have pulled their 1.8-million-sf Bank of America Center from the market during the final bid phase, according to local real estate sources. Despite proposals from Equity Office Properties Trust, oil tycoon Marvin Davis and one other bidder, the joint owners have reportedly decided to look at other possibilities.

One source tells GlobeSt it is likely there will be some action with regard to the property “before too long.” Among the options for recapitalization are refinancing and taking on more joint venture partners. Shorenstein also manages the property and is not likely to want to give that up.

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