333 Bush Street, San Francisco Sold
Jun 11 2007, 11:39 PM
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Sterling American Property and Hines Acquire San Francisco Class A Office Property for $281 Million
San Francisco, CA – June 11, 2007 – Continuing its commitment to the San Francisco office market, Sterling American Property Inc., in a joint venture with Hines, announced today the $281 million acquisition of 333 Bush Street. The 542,743-square-foot Class A office property, located in the heart of the Financial District of San Francisco, is the 6th acquisition by Sterling in the area since 2005.
As one of the top 10 office properties in San Francisco, the 43-story building is 75 percent leased to a roster of prestigious tenants including America Online (AOL) and the San Francisco law offices of Heller Ehrman LLP.
With a vacancy rate below seven percent and average asking rents topping the $40 per-square-foot mark, San Francisco’s Financial District is currently one of the hottest office markets in the nation. The lack of new construction and low availability rate combine to make the 135,000 square feet of space available at 333 Bush Street a great opportunity for major office users and a sound investment for the Sterling and Hines partnership.
“The influx of investment sales activity in San Francisco over the past year has made the area one of the fastest growing office markets on the West Coast,” said Tarak Patolia, Head of Acquisitions for Sterling American Property.
Hines will assume the on-site property management and leasing responsibilities for the building. “We look forward to working with Hines, a strong partner with an excellent reputation and superb knowledge of the market, in bringing out all the potential this property has to offer,” added Mr. Patolia.
“We believe that the timing is right to continue to expand in this market due to its resurgence and the recent leasing activity in the San Francisco area,” said Hines Senior Vice President Paul Paradis.
Designed by award winning architect Skidmore Owings & Merrill, 333 Bush Street is located between Montgomery and Kearny Street. The Class A office property is also within walking distance to Union Square, the Crocker Galleria as well as some of San Francisco’s finest restaurants and top hotels.
Among the outstanding amenities found at 333 Bush Street are easy access to public transportation (BART), spectacular views of the city and bay, on-site property management, secure parking, on-site eateries and a dry cleaner.
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