(SAN FRANCISCO) — The San Francisco office of Hines, the international real estate firm, announced today that a subsidiary of the Hines U.S. Core Office Fund LP (Core Fund) closed on the sale of 101 Second Street to Invesco Real Estate. Financials on the deal were not disclosed.
Hines was advised by CBRE on the transaction.
Ken Jett, managing director in Hines’ Core Fund, said, “We have enjoyed being the owner and executing our investment strategy for this terrific property since 2004.
Although we're very proud of the building and the performance we've been able to achieve for our investors at 101 Second Street, we have decided that this is a good time to sell the asset.”
George Clever, senior managing director in Hines’ West Region, commented, “The South Financial District has improved significantly over the past 10 years, and I expect that it will continue to improve for the new owners of the building.”
“101 Second Street is a strong addition to our national portfolio. The property’s location, quality and leasing status are an ideal fit with our long-term investment approach,” said Bill Grubbs, managing director of Invesco Real Estate.
Completed in 2000, the 24-story Class A office tower includes 388,370 square feet.
Designed by internationally acclaimed architects, Skidmore, Owings & Merrill, 101 Second Street is distinguished by its highly articulated steel frame, Spanish limestone and light-green glass façade, and dramatic four-story, light-filled, aluminum and glass art pavilion.
In recognition of its superior operating efficiencies and sustainability, 101 Second Street achieved LEED® Gold Certification by the U.S. Green Building Council in 2009, and has earned an ENERGY STAR® label every year since 2006.
Established in 1983, Invesco Real Estate manages $54.3 billion of real estate investments including $31.3 billion in direct real estate investments and $23 billion in real estate securities (as of September 30, 2013). With more than 360 employees in 18 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Additional information is available at www.invescorealestate.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.
With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
101 Second Street