SAN FRANCISCO—A fund sponsored by CBRE Global Investors has acquired 235 Pine St., a 150,159-square-foot class A office building located in the heart of the San Francisco Financial District. The property is fully occupied with a significant General Services Administration presence.
However, nearly 50% of the space will be going vacant in the near term, including the GSA Bankruptcy Court. According to CBRE, this represents an opportunity for the Strategic Partners US team to implement its value-add strategies to offer tenants a market-leading environment in a high-quality building.
CBRE Global Investors plans to invest heavily in the property by adding its 5-Star Worldwide service and amenity program, including conference facilities, as well as by upgrading building systems and pursuing LEED certification. The firm tells GlobeSt.com that due to a confidentiality agreement, it cannot disclose financial information regarding the purchase at this time.
“San Francisco is a focus market for us with 235 Pine St. representing the second asset we have purchased in that market in the last 12 months,” says Vance Maddocks, president of Strategic Partners US. “We believe this property will provide a great opportunity for firms looking to create the best possible experience for their employees.”
The building is located in the San Francisco Financial District between California and Market streets near plentiful amenities, including restaurants, gyms and public transportation. The property was constructed in 1990 with a French limestone façade and a unique column-free, side core design combining distinctive design with modern building systems. It offers smaller 8,000 square foot floor plates that will be attractive to tenants seeking 2,500 to 15,000 square feet of space with elevator and/or full-floor identity. In addition, the property provides an above-market parking ratio. The architecturally distinctive exteriors, modernized building systems and flexible floor plates fit both technology and service-oriented tenants seeking flexible space.
Maddocks isn't just betting on the San Francisco office market. Earlier this month, he told GlobeSt.com reporter Jennifer LeClaire that “Miami, which is a top 10 metropolitan office market in terms of forecasted rent growth, has a relatively diverse economy, strong ties to fast-growing Latin America, a large port, a well-developed trade infrastructure and a dynamic magnetism that draws domestic and international tourists,” when talking about his interest in the region following a 45-acre, 11-building office park buy.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
