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Parkside Towers Selling for $180M

FOSTER CITY, CA-The 400,000-sf office complex was part of a five-building, 1.7-million-sf portfolio that changed hands in 2005 for approximately $397 million.

By Brian K. Miller | Updated on December 27, 2007

FOSTER CITY, CA-A joint venture of Sterling American Property and Hines is under contract to sell Parkside Towers, a 400,000-sf office complex here that is approximately 24% vacant. A source at Hines tells GlobeSt.com the sale to Bay Area-based Harvest Properties and Invesco Realty Advisors of Dallas will close next month. The source declined to confirm the price, which another industry source pegged at approximately $180 million or $452 per sf.

The Sterling-Hines JV acquired Parkside Towers in mid-2005 as part of an unstable five-building, 1.7-million-sf portfolio from Equity Office Properties for which it paid approximately $397 million, of which $83 million was allocated to Parkside Towers. The other properties were 405 Howard St., 301 Howard and 120 Montgomery, all in San Francisco, and San Rafael Corporate Center. The JV has been re-trading the properties following a two-year effort to add value to the assets.

Most recently, in August, it sold the 157,723-sf San Rafael Corporate Center for $90.2 million or $572 per sf to a JV of Seagate Properties and JP Morgan Investment Management. In July, it sold 405 Howard St. to a joint venture of Ashforth Pacific Properties and GE Asset Management for $247 million or $490 per sf. It sold 301 Howard, a 502,000-sf building, to Archon in March for $129 million or $257 per sf.

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