A source tells GlobeSt.com that TSO realized a 100% return since its purchase price for the Downtown asset was $32 million. That acquisition, which took place in December, was part of the company's gaining majority control of a 7.3-million-sf portfolio containing 12 properties in eight US cities from GIC Real Estate, the real estate arm of the Singapore government. The total value of the assets was $1.9 million. The 319,000-sf 40 Broad St. site is the first asset in that group to be sold. Zamir also counts nearby 80 Broad St. among its holdings.

Bayside Towers is a 260,000-sf class A office complex in the technology corridor between San Francisco and San Jose. The price includes an acquisition cost of $65.75 million and loan prepayment fees of $1.25 million.

TSO, which was launched in November 2004, held a 45.9% share in the ownership of 40 Broad St. and will hold a 45.9% share of Bayside Towers. "The 40 Broad for Bayside Towers exchange significantly improves the quality of the portfolio," says Rob Speyer, senior managing director of Tishman Speyer and director of TSO. He adds that the sale price the company achieved for 40 Broad "exceeded" the firm's expectations and he believes the San Francisco Bay-area office market recovery is under way.