SAN FRANCISCO – Sept. 10, 2014 – Rockefeller Group Investment Management Corp. (RGIM), on behalf of a joint venture of Rockefeller Group U.S. Premier Office Fund LP (POF) and Mitsubishi Estate New York (MENY), has sold 50 Beale St. in the heart of San Francisco’s South Financial District for approximately $395 million, or $596 per square foot. The buyer was Paramount Group, Inc. RGIM was advised by Eastdil Secured.
The property was acquired by RGIM on behalf of the joint venture in September 2012. Designed by Skidmore Owings & Merrill LLP, 50 Beale St. was built as the headquarters for the Bechtel Corporation, which remains a major tenant in the building. The 23-story building is located at the intersection of Beale and Mission Streets two blocks from the Transbay Transit Center and adjacent to 350 Mission St., a new tower under construction that has been fully leased by Saleforce.com.
Completed in 1968, 50 Beale St. totals 662,060 square feet. The building has undergone extensive renovations as recently as 2012 and was recently certified LEED Gold by the U.S. Green Building Council. It is approximately 90 percent occupied.
According to Dennis Irvin, President and CEO of RGIM, a subsidiary of The Rockefeller Group, “This is a great building with solid tenants in an outstanding area of San Francisco. For us and our investors, the sale presented an opportunity to realize gains ahead of plan driven by the strength of the recovery in San Francisco and the solid performance of both 50 Beale Street and the whole South of Market submarket.”
About The Rockefeller
Group The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan. Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property, including more than 5 million square feet since 2008. Today, the company owns, manages and invests in a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate fund manager Europa Capital. Other Class A office assets owned by the POF/MENY joint venture include 28 State Street in Boston, MA and 1101 K Street and 1100 First Street NE in Washington, D.C. The Rockefeller Group is wholly owned by Mitsubishi Estate Co., Ltd., a world leader in real estate development, ownership and investment management. More information is available at www.rockefellergroup.com or www.rgim.com.