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GLL Brings Investor in on 199 Fremont St.

SAN FRANCISCO-In a deal that values the asset at $260 million, GLL Real Estate Partners moves the 400,000-sf office building into a JV that includes GLL and PNC Realty Investors.

By Brian K. Miller | Updated on January 31, 2008

SAN FRANCISCO-Ownership of the 25-story, 396,000-sf office building at 199 Fremont St. here has changed in a transaction that values the asset at approximately $260 million, industry sources tell GlobeSt.com. GLL Real Estate Partners, which has owned 100% of the asset since 2005, moved the property into a joint venture that includes an institutional client of PNC Realty Investors.

Specifics of the deal, such as how much of a stake GLL Real Estate Partners sold to the PNC client, were not immediately available. Both GLL and PNC declined comment and the Cornish & Carey Commercial brokerage team that represented GLL–believed to be Gerry Rohm, Michael Leggett and Rita Meehan–did not return phone calls seeking comment. Fremont Properties also did not return a phone call seeking comment.

Located at the corner of Fremont and Howard streets in South Financial District, the building was developed in 2000 by a division of Fremont Properties, an investment arm of Bechtel Corp. In mid-2002, in a deal that valued the asset at approximately $153.7 million, Fremont sold a 75% stake in the asset to Munich-based GLL Real Estate Partners Gmbh, which is a joint venture of Lend Lease Continental Holding and the European insurer Generali Group. In May 2005, GLL purchased the remaining 25% interest from Fremont Properties for an undisclosed amount. Fremont continues to manage the asset.

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