Archstone Sells Fox Plaza in San Francisco to Essex Property Trust

Sale Recognized Among Largest Multi-Family Transactions in Bay Area in Recent Years

February 25, 2013 – Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Archstone has sold the Fox Plaza Apartments to Essex Property Trust. Veteran agents David Orozco, now with Cassidy Turley, and Frank Wheeler of Colliers International led the marketing team in the sale.

Built in 1960, the vintage concrete tower located at 1390 Market Street consists of 13 floors of offices on the lower floors, a 399-car underground garage and an attached two-story retail building that houses Starbucks and several other retailers. The above floors 14 through 29 contain 443 apartment units featuring views of the city and the San Francisco Bay.

Archstone, one of the most respected apartments companies in the country, had acquired the entire tower in 2005 for $147.5 million, and in 2007 sold-off the 232,000-square-foot office/retail component for $42.7 million to Broadreach Capital—which maintains ownership. Archstone elected to sell the Fox Plaza Apartments looking to take advantage of the strong property values amidst San Francisco’s Mid-Market boom. The deal is recognized among the largest multi-family sale transactions in the Bay Area over the past few years.

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About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, Cassidy Turley’s market leadership is demonstrated by completion of over 3,300 transactions, totaling over $4.3 billion in 2011.

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