SF Office Building Changes Hands for $350M
By
Foundry Square III in San Francisco
San Francisco—American Realty Advisors has acquired Foundry Square III, a Class A trophy office asset located in the heart of San Francisco’s Transbay District, from a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management, for $350 million.
The building is currently 100 percent leased to an impressive roster of tenants, including IBM, NASDAQ, Perkins Coie, Neustar and Silicon Valley Bank.
“Acquiring a recently completed high-quality asset with long-term leases in-place to creditworthy tenants at First and Howard streets is the ultimate core investment,” Drew Hess, American Realty Advisors’ senior director, investment group, said in a prepared release. “We see San Francisco continuing to lead global innovation with this location as the epicenter.”…
