San Francisco, CA – October 31, 2012 – CBRE and Festival Management Corporation announce today the sale of 228-240 Post Street on September 28, 2012. The property was purchased by TIAA-CREF. The seller was represented by Festival Management Corporation in conjunction with CBRE’s Don LeBuhn and David Noravian.
Located between Stockton and Grant Street in San Francisco’s Union Square district, 228-240 Post Street is a 38,970 square foot multi-level luxury retail property which formerly served as the downtown San Francisco location for Ann Taylor. An affiliate of The Festival Companies, who has owned and served as the investment manager and developer of the property since 2007, completed a renovation of the property and developed the new Union Square flagship store for Brooks Brothers (opening Spring 2013).
Cushman & Wakefield also assisted on the sale and will be handling the leasing and property management TIAA-CREF.
TIAA-CREF is a national financial services organization with $495 billion in combined assets under management (as of 9/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About The Festival Companies
Headquartered in Los Angeles, California, Festival is recognized nationwide as a respected innovator of urban in-fill shopping center redevelopment and ground-up development, transforming real estate into quality retail destinations that suit their unique locations and demographics. Since 1980, Festival and its founding principals have successfully acquired, developed, redeveloped and operated more than 120 projects in a broad array of retail property types — including regional malls, high-quality street retail projects, lifestyle center destinations, community centers, neighborhood centers, urban retail and retail-driven mixed-use properties. Please visit www.festivalcos.com for more info.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at: www.cbre.com
About Cushman & Wakefiled
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully‐integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.