SAN FRANCISCO- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Archstone Fox Plaza has sold to Essex Residential Property Trust. According to Colliers International—who tells GlobeSt.com the price amounted to $135 million—this is one of the largest multifamily sales transactions in the Bay Area over the past few years.
Archstone Residential was represented in the transaction by the Colliers International San Francisco Office. Frank Wheeler, Mark Feldman, Stephen Jackson, Tony Crossley, Tim Maas, and David Orosco led the marketing team in the sale. Archstone Fox Plaza is located at 1390 Market St. in San Francisco in the mid-Market Street district.
Built in 1960, the vintage concrete mixed-use tower with world class views of San Francisco consists of 29 floors, including residential, office and retail tenants. The sale included 443-residential units, a 407-car underground garage, an attached two-story retail building, and entitlements to build an additional 250 residential units.
The lower 13 floors, which are owned separately, were not part of the transaction.
GlobeSt.com will update this story as more information becomes available.
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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.
