SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that German company, Seb Immobilien Investment and Flynn Propertieshave sold 225 Bust St. for $350 million. The landmark office tower went to Chinese development firm, Kylli Inc.
According to Coldwell Banker Commercial NRT, which brokered the deal, this is the biggest Bay Area transaction ever recorded for Coldwell Banker Commercial NRT.
Situated in a prime location along Market Street in the booming North Financial District, 225 Bush is "in a great position to attract technology and media tenants seeking creative space as well as traditional finance, insurance and real estate companies," says Steven Caravelli, the agent with Coldwell Banker Commercial NRT in San Francisco who brokered the sale.
225 Bush St. served as the headquarters for Standard Oil of California (now Chevron) for more than a half a century. Today, its tenants include Blue Shield of California and Wells Fargo Bank, as well as Internet technology companies like Groupon and Zillow.
The class A building is approximately 97% occupied and is comprised of 583,000 square feet. The 22-story building was originally constructed in 1922 by John D. Rockefeller, with substantial renovations in the 1990's and 2000's. At one point it was the tallest high-rise in San Francisco, according to Coldwell Banker Commercial NRT.
Coldwell Banker Commercial could not comment further by deadline but we will update this story tomorrow with further details, including more from JLL, which also served as a broker on the deal.
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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.
