San Francisco
Zendesk HQ Acquired by ASB Real Estate Investments in $60 Million Deal
989 Market Street, the San Francisco home of cloud-based help desk provider Zendesk, just traded hands in a deal worth approximately $61.3 million. The office asset was acquired by ASB Real Estate Investments from seller Harbert Management Corporation, a deal in which the seller received more than double what it had paid for the property back in 2011. This recent purchase was made on behalf of ASB’s Allegiance Real Estate Fund, a $3.5 billion vehicle.
1155 Market Street Sold by Laurus Corporation for $72 Million
The Laurus Corporation has recently offloaded one of its most high-profile properties for a fee of $72.6 million. The private real estate investment and development firm has sold its 1155 Market Street in San Francisco, resulting in 56 percent Internal Rate of Return for investors.
Jamestown: Sale of San Francisco’s Pacific Place Has Strong Long-Term Income Drivers
Jamestown COO tells CPE the firm has sold Pacific Place, an office and retail property in downtown San Francisco, to J.P. Morgan for $415 million because of its attractiveness to institutonal investors
Demand for Space in the Bay Area Continues as Three Large Leasing Deals are Inked
The Bay Area’s office market has been one of the highlights of the national real estate market in recent years, and due to the lasting appeal with the tech industry, the trend seems to be going strong. Three large leases were recently inked in San Francisco and San Jose, the largest urban centers in the tech-oriented region.
Del Monte Warehouse in Alameda Set to Become New Mixed-Use Project by Tim Lewis Communities
Redevelopment is always a hot topic, especially when landmarks are involved. Tim Lewis Communities is reportedly set to breathe new life into an Alameda staple and turn it into a mixed-use community and new space on nearby land. Located along the Oakland-Alameda Estuary, the waterfront property in question is a former Del Monte warehouse that will be turned into a new community.
Cypress Set to Break Ground in September on Gensler-Designed Market Street Place
Redevelopment is sometimes the best chance a forgotten city block has at resurgence. That’s exactly what Cypress Equities has planned for its Mid-Market San Francisco project, located on Market Street between 5th and 6th. Cypress recently announced that it has decided that it will hold an official ground breaking for the $150-million development project this September.
Pebblebrook Hotel Trust Expands in San Francisco with the $49 Million Purchase of The Prescott Hotel
As the Californian hospitality market continues on its upswing, a brand new hotel deal was perfected this week. Pebblebrook Hotel Trust recently purchased the Prescott Hotel in San Francisco for a total fee of $49 million. The new owner has also announced that the hotel will continue to be managed by operator Kimpton Hotels & Restaurants.
Chinese Developer Buys Majority Stake in Historic San Francisco Office Property for $350M
Chinese developer Kylli Inc. has bought a majority stake in the 22-story office building at 225 Bush St., in the San Francisco CBD, taking the share previously owned by GEM Realty and SEB ImmoInvest.
DoubleTree by Hilton Newark-Fremont Opens as Area between Oakland and Silicon Valley Continues to Grow
Over the past couple of weeks, the city of Newark, Calif. has been making waves with the amount of real estate activity it has going for it. After the recently-announced expansion of one of the city’s largest shopping spots, now news of a new DoubleTree by Hilton has surfaced. Hilton Worldwide and Double Tree by Hilton are officially opening the new DoubleTree by Hilton Newark-Fremont in the area between Oakland, Calif. and San Jose, Calif.
Rouse Properties Announces New Leases, Changes to NewPark Mall in Newark
A Newmark retail property is set to be repositioned after owner Rouse Properties announces a number of newly-completed leases and changes to one of its assets. The owning entity is set to revive the NewPark Mall in Newark, Calif. by unveiling a number of new tenants and features into one of the focal points of the area in terms of entertainment, shopping and dining.