JLL Income Trust Puts 111 Sutter in San Francisco up for Sale, Pricing Could Reach $220MM

JLL Income Property Trust, San Francisco, Eastdil Secured, Excelsior LaSalle Property Fund, Ellis Partners, Northwestern Mutual Life, Ogilvy Public Relations, Pinole Point Industrial Center, Pinole, Richmond,
Image courtesy of Flickr

By Jon Peterson

Chicago-based JLL Income Property Trust has made the decision to put up for sale the 275,017 square foot 111 Sutter Street office building in San Francisco. The price point on this sale could be around $800 per square foot, or $220 million if that level of pricing can be reached, according to sources that track the sale of office buildings in San Francisco.

JLL has hired the San Francisco office of Eastdil Secured to be the listing agent on the sale. JLL declined to comment, and Eastdil did not return phone calls seeking comment for this story.

The seller had become full owner of the property in late 2012. At that time, the property was valued at $110 million, as stated in a published report. The company had acquired an 80 percent ownership interest in the asset in March 2005 for a gross purchase price of $68.4 million, as written in a public document when the company was known as Excelsior LaSalle Property Fund. It has since changed its name to the JLL Income Property Trust.

There are a variety of tenants that occupy space in the property. One of these is the San Francisco-based real estate investment firm Ellis Partners, which was at one time the owner of 111 Sutter. Other tenants in the property include Northwestern Mutual Life and Ogilvy Public Relations.

JLL Income Trust is a non-traded REIT that buys properties on a nationwide basis. Its only other asset in Northern California is the Pinole Point Industrial Center in Pinole, Calif. located on the northern end of the East Bay just north of Richmond, as stated on the owner’s website. The property types in its portfolio are a combination of office, retail, industrial, apartments and parking garages.