The property consists of twin office towers and a 358-stall secured parking garage on an entire city block in the south financial district, between Folsom and Harrison streets. The complex is located within walking distance of BART and Pac Bell Park.
The office space is 93% leased. The tenant roster includes Hewlett Packard, Wells Fargo Bank, WPP Group and Symantec. The seller was locally based Ellis Partners LLC.
The property has traded hands three times since it was completed in 1986. The same team of brokers has sold it each time: Russ Sherman, Christopher Aust, Jeff Congdon and Christopher Roeder of Cushman & Wakefield.
Marathon US Realty sold the property to Lend Lease Value Enhancement Fund in 1994, and the fund sold it to Ellis Partners LLC in 2000. This time, C&W also won the leasing assignment. Roeder, a senior director, and associate Ted Davies will head up the leasing effort. Roeder tells GlobeSt.com says the property provides a strong leasing opportunity. About 100,000 sf rolls each of the next three years.
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