Sterling partners with Hines for $281m purchase of San Francisco, CA, trophy.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA: Continuing its commitment to the San Francisco office market, Sterling American Property Inc., in a joint venture with Hines, announced 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 See AOL. (AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ) and the San Francisco law offices of Heller Ehrman Heller Ehrman LLP is an international law firm of more than 700 attorneys working across 13 offices in the United States, Europe, and Asia.[2] Heller Ehrman was founded in San Francisco in 1890 and has additional offices located in most of the major financial centers LLP LLP - Lower Layer Protocol . 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 "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 Patolia. "We believe that the timing is right to continue to expand in this market due to its resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. 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 Kearny Street in San Francisco, California runs from Market Street on the south to The Embarcadero on the north. Along its southern end, the street serves as the border separating the Financial District from the city's Union Square and Chinatown districts. . 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 menities found at 333 Bush Street are easy access to public transportation (BART) on-site property management, secure parking, onsite eateries and a dry cleaner. |
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