By Jon Peterson
New York City-based Tishman Speyer Properties has become the 100 percent owner of the 452,418 square foot 222 Second Street property in San Francisco. The company bought out its financial partner in the property, New York City-based J.P. Morgan Asset Management, for just shy of $1,200 per square foot or around $530 million, as stated by sources with direct knowledge of the transaction.
I Tishman Speyer declined to comment on the transaction, and J.P. Morgan did not respond to e-mails seeking comment for this story. These two companies were the original owners of the property.
222 Second is an asset that total 450,209 square feet of office space. All of this part of the property is leased to LinkedIn on a long-term lease. The property also has 2,209 square feet of retail. It covers 26 floors.
Tishman had taken 222 Second to the market for sale last year. A transaction was never worked out to find a new owner. The real estate development and investor that made a decision later that it might be best to hold onto the asset and become the sole owner in the future.