SAN FRANCISCO-Invesco Real Estate has completed its purchase of 101 Second St., a 26-story, 388,370-square-foot office tower in the city's South Financial District.
The seller was the San Francisco office of Hines, advised by CBRE.
“101 Second Street is a strong addition to our national portfolio. The property's location, quality and leasing status are an ideal fit with our long-term investment approach,” said Bill Grubbs, managing director of Invesco Real Estate.
“We have enjoyed being the owner and executing our investment strategy for this terrific property since 2004,” said Ken Jett, managing director in Hines' Core Fund. “Although we're very proud of the building and the performance we've been able to achieve for our investors at 101 Second Street, we have decided that this is a good time to sell the asset.”
George Clever, senior managing director in Hines' West Region, commented, “The South Financial District has improved significantly over the past 10 years, and I expect that it will continue to improve for the new owners of the building.”
Completed in 2000, the class A office tower was designed by Skidmore, Owings & Merril. 101 Second Street is distinguished by its highly articulated steel frame, Spanish limestone and light-green glass façade, and dramatic four-story, light-filled, aluminum and glass art pavilion. In recognition of its superior operating efficiencies and sustainability, the tower achieved LEED Gold Certification by the U.S. Green Building Council in 2009, and has earned an ENERGY STAR label every year since 2006.
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