SAN FRANCISCO—The 19-story, 290,000-square-foot office property located at 160 Spear St. in the South Financial District was acquired by Tishman Speyer, real estate developer, owner, operator and asset manager. Financial details of the transaction were not disclosed.
Tishman Speyer senior managing director Carl Shannon tells GlobeSt.com:
“The property's location in the South Financial District offers excellent proximity to transportation options and we believe in 160 Spear Street's long-term position in the marketplace, as both the Transbay District and nearby Rincon Hill submarkets continue to mature.”
The class-A property is strategically located in a supply-constricted submarket, one block from the Transbay center, Market Street and the Embarcadero waterfront. It is close to BART, Caltrain and Muni as well as major freeways. The building is 95% leased with tenants that include The Regents of the University of California, Workday, Conversant and the GSA on behalf of the Social Security Administration.
“The San Francisco office market continues to be one of the world's strongest and the Spear Street corridor in the South Financial District has emerged as an office, retail and residential location of choice. Accordingly, we are pleased to expand our footprint as a major commercial landlord here with this well-located property. We intend to upgrade the lobby and plaza, and to operate 160 Spear according to Tishman Speyer's world-class standards,” continues Shannon.
In an upcoming issue of Real Estate Forum, the condo development by Tishman Speyer, LUMINA, located at 201 Folsom St. will be featured. It is the largest condominium development in San Francisco's history, comprising 656 residences in two towers of 42 and 37 stories, and two, eight-story mid-rise buildings. As of late last year, the firm had acquired, developed and/or managed a portfolio of approximately 133.5 million square feet, with a total value of approximately $71.7 billion since its founding in 1978. Signature assets include Rockefeller Center and the Chrysler Center.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
