SAN FRANCISCO—Investment fund, Multi-Employer Property Trust, has acquired a 20-story 358,591-square-foot office tower at 600 California St in San Francisco for $216.5 million. The seller was Clarion Partners.
The property is a class A, LEED Gold-certified office property located in the North Financial District of San Francisco at the corner of California and Kearny Streets. Building construction was completed in 1990 and the property was significantly upgraded in 2006.
“600 California St. is a great fit with MEPT's portfolio and the acquisition increases the fund's investment commitments in the Bay Area to over $929 million in existing assets and new developments,” says David Antonelli, EVP and MEPT portfolio manager at Bentall Kennedy. “The transaction advances our core strategy to acquire energy-efficient, urban assets in innovation markets with strong employment trends and solid demand growth.”
The building's 20 stories have gradual setbacks, abundant glass lines, view corridors, an expansive lobby, column free floor plates, and three-levels of below grade parking. Upper floors offer views of the San Francisco Bay and the building has easy access to public transit, commercial services, accommodation and entertainment.
“San Francisco's North Financial District is one of the most in-demand office sub-markets in North America, so we're pleased to be acquiring 600 California, one of the neighborhood's most sought-after buildings and one that has been nearly 100% occupied since it was built,” says Ashley Powell, SVP and western region head of transactions for Bentall Kennedy. “We will bring to 600 California our proven commitment to responsible property ownership and management, and we are excited to be able to offer for lease very shortly one of the largest contiguous spaces available in the city.”
Bentall Kennedy did not provide GlobeSt.com with further information by deadline but we will update this story if we learn anything more.
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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.
