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CBRE Investors Names Manager for 500 Terry

SAN FRANCISCO-CBRE Investors' Strategic Partners U.S. IV fund acquired the new 291,000-sf class-A office building overlooking Mission Bay in June for approximately $149 million.

By Brian K. Miller | Updated on July 29, 2008

SAN FRANCISCO-CB Richard Ellis Investors has found a property manager for 500 Terry Francois Blvd., the new 291,000-sf class-A office building overlooking Mission Bay that it acquired in June for approximately $149 million on behalf of one of its funds. The building was recently completed and beginning lease up.

The property manager for the asset is Monika Picardo, who comes to the building from Morlin Asset Management LP, where she most recently oversaw management and infrastructure improvements at 550 California St. Prior to Morlin, Picardo was general manager at Prentiss Properties where she was responsible for the management of a portfolio of approximately 1.5 million sf in Oakland and on the Peninsula.

CBRE Investors’ Strategic Partners U.S. IV acquired the building from an investment client of Lowe Enterprises, which developed the building. The six-story glass-and-brick skinned stricture includes has a raised-floor system and 9,000 sf of street-level retail space. Floor plates range from 32,000 sf to 61,000 sf and ceiling heights range from 10 to 12 feet. The triple-net asking lease rate is expected to be approximately $45 per sf.

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