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Fund has Stake in 500 Sansome

SAN FRANCISCO-The equity for the $37-million acquisition comes from a fund of a Boston-based company whose ownership includes Netherlands-based Stichting Pensioenfonds ABP, the world's second largest pension fund.

By Brian K. Miller | Updated on August 26, 2006

SAN FRANCISCO-The Dutch are a player in 500 Sansome St. an eight-story, 147,989-sf class B office building across the street from Transamerica Pyramid. The property changed hands earlier this month for $37 million. When the news initially broke, the only buyer named was Chicago-based M&J Wilkow. This week, Rye, NY-based Tuckerman Group revealed its involvement.

Tuckerman says that M&J Wilkow is serving as both operating partner and managing agent for the investment, but that the equity for the deal came from Tuckerman’s Redevelopment and Renovation Fund. Tuckerman is partially owned by State Street Global Alliance LLC, a joint venture of State Street Global Advisors, the investment management arm of State Street Corp., and the world’s second largest pension fund, Netherlands-based Stichting Pensioenfonds ABP.

As previously reported by GlobeSt.com, the plan is to renovate the 1929-vintage art-deco building. The extent of the renovation is yet to be decided, but will definitely include the conversion of 3,750 sf of first floor office space to retail space. Neither Tuckerman senior managing director Glen Weisberg nor M&J Wilkow principal Clifton Wilkow were available for comment Thursday afternoon. In a prepared statement, Weisberg says there are “many possibilities for adding value [to the building]) through renovation.”

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