Commercial Property News - October 18, 2006
The 655,400-square-foot office tower at 333 Market Street in San Francisco has found a new owner, courtesy of a $370 million sale-leaseback deal. Principal Real Estate Investors took the property off the hands of owner and sole occupant Wells Fargo.
The bank had owned 333 Market St. (pictured) since 2004 when it bought the high-rise for a reported sum of approximately $150 million from a partnership involving the property's developer, Shorenstein Partners. Wells Fargo will continue to occupy the Class A office space in its entirety under a new 20-year, triple net lease.
Located a stone's throw from vital rail transportation smack in the middle of the city's Financial District, the 27-year-old structure at 333 Market Street is a soaring 33-story high-rise that was designed by architect Gin Wong. The property actually consists of the tower, which includes 16,000 square feet of ground-level retail space, and an adjacent five-story annex office building.
According to Mark Hanrahan, managing director for Principal Real Estate Investors, much of the property has already been upgraded. And over the next year, it will have been 100 percent renovated. "Given the great tenant, great location and quality of the building, 333 Market St. is a good fit for us and a long-term hold," Hanrahan told CPN.
Jeff Weber of San Francisco-headquartered Eastdil Secured, a subsidiary of Wells Fargo & Co., also based in San Francisco, orchestrated the deal.
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