SAN FRANCISCO-EastWest Bancorp has sold and partially leased back 711 Van Ness, a 94,134-square-foot office and retail building. The property was purchased by a private medical user group that plans to renovate and occupy the office portion of the building.
The purchase price was undisclosed. Grubb & Ellis Co., which represented EastWest Bankcorp, also known as East West Bank, did not respond to GlobeSt.com queries for further information by deadline; however an unidentified source not involved in the deal tells GlobeSt.com that the sale price was $16.2 million and the buyer was SFOC LLC.
In the sale, the full-service commercial bank serving consumers and businesses throughout the US and in Greater China, leased back 7,281 square feet of retail banking space. Daniel Cressman, executive vice president of investment services, Michael Taquino, vice president of investment services, and Kyle Kovac, associate vice president of investment services, John Jensen, senior vice president of the office group, represented East West Bank in the transaction.
According to Cressman, the property was well-suited for the buyer as it is located near California Pacific Medical Center’s proposed 550-bed hospital on Van Ness Avenue. The five-story building with ground-floor retail space was built in 1984 and is situated above a more than 120-car parking garage.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
