LOS ANGELES – October 29, 2014 – A fund sponsored by CBRE Global Investors has acquired 235 Pine Street, a 150,159 square foot class A office building located in the heart of the San Francisco Financial District.
235 Pine Street is fully occupied with a significant General Services Administration presence. However, nearly 50 percent of the space will be going vacant in the near term, including the GSA Bankruptcy Court. This represents an opportunity for the Strategic Partners U.S. team to implement its value-add strategies to offer tenants a market-leading environment in a high-quality building.
235 Pine Street 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.
CBRE Global Investors plans to invest heavily in the property by adding its signature 5-Star Worldwide service and amenity program, including conference facilities, as well as by upgrading building systems and pursuing LEED certification.
“San Francisco is a focus market for us with 235 Pine Street representing the second asset we have purchased in that market in the last 12 months,” said Vance Maddocks, President of Strategic Partners U.S. “We believe this property will provide a great opportunity for firms looking to create the best possible experience for their employees.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.