We have announced the acquisition of 100 California Street in the heart of San Francisco’s Central Business District.

The purchase marks the first acquisition in San Francisco on behalf of our investors, and we facilitated the acquisition of the 288,619 sf from Embarcadero Capital Partners, Broadway Partners and PCCP, LLC

100 California Street is a LEED Silver certified office building comprised of 15 floors with flexible 20,000 sf floor plates and ground floor retail in a landmark location. The building is ideally situated in San Francisco’s North Financial District at the intersection of California and Davis Streets, one block from Market Street and all public transportation, across from the Embarcadero Center, and a short walk from the Ferry Building.

With a corner location and high ceilings, the office spaces benefit from abundant natural light. An increasingly sought after business address for technology, creative and professional services companies, 100 California Street is currently 83% leased to a diverse tenant base that includes technology, insurance, engineering and communications firms.

Focused on enhancing long-term value, we intend to position 100 California Street as a premier Class A office property through significant enhancement work and a committed long-term ownership strategy. Restroom renovations and system upgrades will begin this year, followed soon thereafter by lobby renovations and the activation of public areas, as well as other improvements to meet the current and continually changing demands of occupiers.

This acquisition presents a unique opportunity to enhance and position the property as a signature asset that is fresh and relevant to companies today, with inherent flexibility to meet their future business needs as well. Furthermore, San Francisco has a strong foundation for long-term economic growth and provides geographic and economic diversification to our global portfolio.