North Financial District Office Building Sold to Multi-Employer Property Trust
- Dec 12, 2012
475 Sansome is San Francisco’s latest office property to be traded after Multi-Employer Property Trust and Bentall Kennedy, MEPT’s real estate advisor, acquired the property for an undisclosed amount. The deal for the building—located at the corner of Sansome Street and Clay Street in the North Financial District—was brokered by representatives from Holiday Fenoglio Fowler’s local office.
The 21-story, 353,269-square-foot office tower is part of a growing submarket in close proximity to the well-known Transamerica Pyramid Center and the Embarcadero Center—part of one of the most active office markets in the country.
The trust’s investment was made due to its presence in a market that meets the criteria listed by Executive Vice President and MEPT Portofolio Manager at Bentall Kennedy, David Antonelli.
“[The market] has high barriers to entry, supply constraints and solid fundamentals driven by a diverse economic base,” noted Antonelli.
475 Sansome is a building that currently has a 90 percent occupancy rate and tenant roster that includes high-profile technology companies and national and regional professional services firms. The building meets high environmental standards, offers high quality parking and features large floor plates. It currently holds two green distinctions, having been awarded the Leadership in Energy and Environmental Design (LEED) for Existing Buildings Gold certification, as well as the Environmental Protection Agency’s Energy Star designation.
Multi-Employer Property Trust is currently in the market for high-end office properties located in central business districts of major cities across the U.S. The fund is also looking for grocery-anchored retail centers and multifamily assets in urban markets serving the “Echo-Boom generation.”
Image courtesy of loopnet.com
For more market data from San Francisco, click here.