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GlobeSt.com UPDATE: BofA Building Tied Up for $1B-Plus

SAN FRANCISCO-Hudson Waterfront Associates ties up the 1.8-million-sf Bank of America Building for $1.05 billion. A New York investment group that includes David Werner and Mark Karasick acquired 89.5% ownership of the three-building complex last year in separate transactions in the spring and fall that totaled about $870 million.

By Brian K. Miller | Updated on September 22, 2005

SAN FRANCISCO-New York-based Hudson Waterfront Associates has entered into a contract to acquire the 1.8-million-sf Bank of America Center on Nob Hill here for $1.05 billion. The seller, a New York investment group that includes David Werner and Mark Karasick, acquired 89.5% ownership of the three-building complex last year in separate transactions in the spring and fall that totaled about $870 million and then put the property back on the market. Hudson Waterfront Associates represents Hong Kong investors. The investors include New World Development managing director Henry Cheng, Hong Kong listed developer Far East Consortium and Shui On Group’s chairman Vincent Lo.

The Bank of America Center acquisition is being funded with 1031 Exchange money from Hudson Waterfront Associates’ recently announced sale of properties at Riverside South on Manhattan’s West Side for $1.76 billion. Shorenstein Realty Services will continue as leasing agent and manager of the property, the centerpiece of which is a 52-story tower that was the listed as the city’s tallest until the Transamerica Pyramid opened in 1972.

The broker with the Bank of America disposition assignment is Douglas Harmon of Eastdil Realty in New York City. Harmon could not be reached Thursday afternoon for comment. In July, one industry source familiar with the property told GlobeSt.com that even though it was not long ago when Werner and Karasick bought Bank of America Center, it was a different asset in a different market. “Very few people could have handled it the way it was sold the first time,” the source told GlobeSt.com. “It was a complicated by tax structures and never really broadly marketed, but the new owners have cleaned all that up.”

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