{"id":1004067908,"date":"2013-02-27T07:50:04","date_gmt":"2013-02-27T15:50:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067908"},"modified":"2022-12-08T16:05:18","modified_gmt":"2022-12-09T00:05:18","slug":"archstone-sells-fox-plaza-in-san-fran-for-135m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/","title":{"rendered":"Essex Buys Fox Plaza in SF for $135M"},"content":{"rendered":"<p><em>\u00a0<span style=\"font-size: 13px;line-height: 19px\">By Gail Kalinoski, Contributing Editor<\/span><\/em><\/p>\n<div id=\"attachment_1004067910\" style=\"width: 168px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004067910\" data-attachment-id=\"1004067910\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/fox_plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\" data-orig-size=\"158,185\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Fox_Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg?w=158\" class=\"wp-image-1004067910 size-full\" title=\"Fox Plaza\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\" alt=\"\" width=\"158\" height=\"185\" \/><\/a><p id=\"caption-attachment-1004067910\" class=\"wp-caption-text\">Fox Plaza<\/p><\/div>\n<p>Last year, Essex Property Trust Inc. made more than $800 million in multi-family acquisitions in California and the Seattle area. The REIT is continuing its spending this year, picking up Fox Plaza, a 444-unit property in San Francisco\u2019s Mid-Market district for $135 million from Archstone.<\/p>\n<p>The sale is considered the largest multi-family transaction in the Bay Area in recent years. The 29-story tower has apartments on floors 14 through 29. Commercial office space on floors 1 through 12 were not included in the purchase price, but the sale did include an adjacent two-story building with 37,800 square feet of space that could eventually be developed as a 250-unit, 11-story apartment community. It is currently leased to retail and office tenants and includes a two-story underground parking garage with 405 spaces.<\/p>\n<p>Essex, a Palo Alto, Calif.-based REIT that acquires, develops, redevelops and manages apartment communities, said in a news release that it does not have immediate plans to develop the adjacent site. It does plan to spend $27 million over the next several years to renovate the exterior and interior of the apartment community. About 75 percent of the apartments are studios and the remainder are one- and two- bedroom units.<\/p>\n<p>Built in the 1960s, the prperty is located at 1390 Market St., an area that has recently seen a real estate boom. Essex noted that the Mid-Market district is transforming, particularly with more than 1 million square feet of office space leased to tenants like Twitter and Dolby Laboratories. Cassidy Turley, one of the firms that marketed the property, said in a release that Archstone wanted to take advantage of the hot market. It bought the entire tower in 2005 for $147.5 million. In 2007, it sold the 232,000-square-foot portion of the property that contained offices and retail to Broadreach Capital for $42.7 million, according to Cassidy Turley.<\/p>\n<p>The deal was marketed by David Orozco, formerly with Colliers International and now an agent at Cassidy Turley, and Frank Wheeler of Colliers International. Commercial Property Executive <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/san-francisco\/owners-looking-to-charge-premiums-for-bay-area-residential-complexes\/\">reported in October<\/a> that Colliers International had been hired by Archstone to sell the property. At that time, it was expected to sell for about $150 million.<\/p>\n<p>Archstone will soon be part of an even bigger deal. Equity Residential and AvalonBay entered into an agreement in November to <a href=\"https:\/\/commercialsearch.com\/news\/regions\/mid-atlantic\/equity-residential-partners-with-avalonbay-on16b-archstone-purchase\/\">acquire Archstone from Lehman Brothers Inc.<\/a> for approximately $16 billion. The sale is expected to close this quarter.<\/p>\n<p>Essex has been particularly busy in the last year. It ended 2012 with $802 million in acquisitions, including $450 million made in the fourth quarter. One of its largest investments in late 2012 was the acquisition of Willow Lake Apartments, a 508-unit apartment community in San Jose, Calif., for $148 million. In January, the REIT added to its Seattle holdings with the purchase of Annaliese, a 56-unit community in the hot South Lake Union submarket of Seattle, for $19 million. Essex President and CEO Michael J. Schall said in the company\u2019s recent year-end filing to the U.S. Securities and Exchange Commission that he expected 2013 to be \u201canother outstanding year for the company.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year, Essex Property Trust made more than $800 million in M-F acquisitions in California and the Seattle area. The REIT is continuing its spending this year, picking up Fox Plaza, a 444-unit property in San Francisco\u2019s Mid-Market district, for $135 million from Archstone.<\/p>\n","protected":false},"author":1068,"featured_media":1004067910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21783,21742,37776,37777,1609,37778,15],"tags":[],"class_list":["post-1004067908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-investment","category-latest","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-san-francisco","category-rc-total-return","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Essex Buys Fox Plaza in SF for $135M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essex Buys Fox Plaza in SF for $135M\" \/>\n<meta property=\"og:description\" content=\"Last year, Essex Property Trust made more than $800 million in M-F acquisitions in California and the Seattle area. The REIT is continuing its spending this year, picking up Fox Plaza, a 444-unit property in San Francisco\u2019s Mid-Market district, for $135 million from Archstone.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-27T15:50:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:05:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"158\" \/>\n\t<meta property=\"og:image:height\" content=\"185\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/\",\"name\":\"Essex Buys Fox Plaza in SF for $135M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\",\"datePublished\":\"2013-02-27T15:50:04+00:00\",\"dateModified\":\"2022-12-09T00:05:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Fox_Plaza.jpg\",\"width\":\"158\",\"height\":\"185\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/archstone-sells-fox-plaza-in-san-fran-for-135m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Essex Buys Fox Plaza in SF for $135M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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