(EDITOR’S NOTE: According to public documents, the sale closed at $73 million, or roughly $1,299 per square foot. When contacted, Heitman declined to comment on the details of this transaction.)
SAN FRANCISCO, CA – October 29, 2018 – HFF announces the sale of 500 Pine, a 56,179-square-foot, newly constructed trophy office building in downtown San Francisco, California.
The HFF team represented the seller, Gemdale USA Corporation and Lincoln Property Company, and procured the buyer, Heitman LLC (“Heitman”), a global real estate investment management firm, which acquired the office building on behalf of an affiliate of the firm.
Completed in 2017, 500 Pine is a LEED Gold Certified office asset featuring state-of-the-art creative office improvements with open floor plans, floor-to-ceiling window lines, a rooftop balcony, and on-site parking with a bike room and showers. The five-story, fully stabilized building is 100 percent leased to CVS and Blend. 500 Pine has an ideal location at the corner of Pine and Kearny Streets in the heart of San Francisco’s central business district. With a Transit Score® and Walk Score® of 100, the property has immediate access to all forms of public transit, including BART and MUNI; and numerous restaurants and cafes; hotels and many high-profile corporate neighbors. 500 Pine is one of the newest office developments in the North Financial submarket of San Francisco.
The HFF investment advisory team representing the seller included senior managing directors Michael Leggett and Gerry Rohm, senior directors Ben Bullock and David Dokko and director Thomas Foley.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Gemdale USA Corporation
Gemdale USA Corporation (“Gemdale USA”) is a real estate investment and development company headquartered in Pasadena, California, with additional offices in New York City, San Francisco, Boston, Seattle, and Dallas. The company develops commercial, multifamily rental and for-sale residential projects, with multifamily rental and office either stand alone or mixed-use with retail. For-sale residential developments may include condominiums, single-family attached homes as well as detached housing. The company focuses on Class-A ground-up developments in key gateway high-barrier to entry markets. Target markets include Southern and Northern California, New York City, Boston, Seattle, Dallas and Washington D.C. The Gemdale executive management team has extensive experiences in U.S. real estate development, acquisition, project management, asset management, and real estate sales and marketing.
About Lincoln Property Company
Founded in Dallas, Texas, in 1965, LPC is a full-service, vertically integrated institutional investment and property services platform with offices in the United States and Europe. Since 1965, Lincoln has acquired and developed approximately $35 billion of residential and commercial property. LPC currently manages 356 million square feet of commercial property and 190,542 multifamily residential units for over 100 separate clients worldwide. For more information, please visit http://www.lpc.com.
About Heitman LLC
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $43.5 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s more than 325 employees offer specialized expertise – from a specific discipline to local insight.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.