The eight-story building is located at 500 Washington St. in San Francisco. PPIC has leased space in the building since 1995, and bought the space to insure a long-term location for the institute in San Francisco.
"We are pleased that PPIC now has a permanent home in San Francisco," says Ray Watson, Chairman of PPIC's board of directors and Vice Chairman of the Board for the Irvine Company. "This purchase is a sign of PPIC's commitment to California and to San Francisco as a location."
The building was built in 1982 by Pacific Lumber to serve as the company's headquarters. It was sold by Maxxam (which took over Pacific Lumber) to Shuwa in 1985. PPIC currently occupies three floors of the building, which is located at the corner of Washington and Sansome streets. The building is home to eleven other tenants, including retail stores, venture companies, and radio stations.
"The purchase of 500 Washington is a tangible symbol of our involvement in civic life in the Bay Area and our commitment to tackle the important public policy challenges facing the state - from K-12 education to poverty to the energy crisis," says David Lyon, PPIC's founding President and CEO. "It is an important step toward fulfilling the mission William Hewlett set for PPIC in 1994."
George Eckard, Patrick Flanagan and Chris Wight of Colliers International in San Francisco represented the seller, Shuwa Investment Corp, while Frank Fudem of BT Commercial Real Estate represented PPIC.
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