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$370M One Sansome Sale Closing in August

SAN FRANCISCO-A listed property fund of South Korea-based Mirae Asset Maps Investment Management tied up the 43-story, 652,000-sf Downtown office tower in May.

By Brian K. Miller | Updated on June 21, 2008

SAN FRANCISCO-The $370-million sale of the 43-story, 652,000-sf Citigroup Center building in Downtown San Francisco will close later this summer, multiple sources tell GlobeSt.com. Taking advantage of the weak US dollar, a listed property fund of Mirae Asset Maps Investment Management, a unit of South Korea’s biggest mutual fund sponsor, Mirae Asset Group, tied up the property in May. The seller is an entity of Broadway Partners, a New York City-based real estate investment and management firm.

The property was brought to market in the spring. The property is encumbered with an assumable $250-million, five-year, interest only (6.1%) mortgage that matures in mid 2012. The closing date, said to be sometime in August, may be tied to the assumption of the loan, though that could not immediately be confirmed.

Citigroup is the largest tenant at 1 Sansome with more than 200,000 sf. The company leased approximately 50,000 sf of the total in early 2003 at a lease rate believed to be in the $30s per sf. Citigroup’s leases expire from 2010 to 2015, according to a source familiar with the offering memorandum. Bear Stearns occupies another 10% of the building on a lease that expires in 18 months. Lewis Brisbois Bisgaard & Smith LLP, a national law firm, occupies about 8% of the building on a lease that runs into 2012.

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