AEW and Divcore Acquire 333 Bush Street Trophy High Rise in San Francisco’s Financial District

333_Bush_exteriorBoston, MA  – AEW Capital Management, L.P. (AEW) announced today the acquisition of 333 Bush Street, a 542,743-square-foot, Class-A high rise in the North Financial District of San Francisco.  The 34-story property, which is considered one of San Francisco’s trophy properties and one of the city’s tallest buildings, was acquired by AEW on behalf of MassPRIM in a joint venture partnership with DivCore, a commercial real estate equity and debt investment management platform co-founded by Stuart Shiff of DivcoWest and Mark Finerman of LoanCore Capital.  Eastdil Secured represented the seller, Brookfield Asset Management, in the transaction.

Built in 1986, 333 Bush Street is a mixed-use office tower that consists predominantly of first-class office space, but also includes 46 luxury, residential condominiums.  The steel-framed structure has a granite exterior and an impressive 68-foot lobby that is clad in white marble and granite.  The property which was acquired from one of Brookfield’s debt funds is approximately 90% leased.  Located two blocks from Market Street along the Montgomery Street corridor, 333 Bush Street is in close proximity to numerous dining, shopping, hospitality and entertainment amenities including Crocker Galleria and Union Square.

“333 Bush Street represents an opportunity to acquire a well-leased, Class A office building in one of the nation’s top performing office markets at a substantial discount to replacement cost,” said Juan Dueñas, Director, AEW Acquisitions.  “We’re pleased that our partner DivCore will also serve as property manager and that CAC will continue on as the exclusive leasing agent.”

About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.   One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $36 billion of capital invested in $49.7 billion of property and securities in North America, Europe and Asia (as of June 30, 2012).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in nine European cities.  For more information please visit www.aew.com.
 

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