{"id":1004089631,"date":"2014-01-14T07:35:45","date_gmt":"2014-01-14T15:35:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004089631"},"modified":"2022-12-08T21:45:37","modified_gmt":"2022-12-09T05:45:37","slug":"invesco-buys-388-ksf-san-francisco-office-tower-from-hines","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/invesco-buys-388-ksf-san-francisco-office-tower-from-hines\/","title":{"rendered":"Invesco Buys 388 KSF San Francisco Office Tower from Hines"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004089634\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/invesco-buys-388-ksf-san-francisco-office-tower-from-hines\/san-fran\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg\" data-orig-size=\"600,748\" 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=\"SAN FRAN\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg?w=600\" class=\"alignleft size-medium wp-image-1004089634\" alt=\"SAN FRAN\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg\" width=\"240\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/SAN-FRAN.jpg?resize=241,300 241w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a>Invesco Real Estate has purchased the 24-story, 388,370-square-foot Class A office tower at 101 Second St. in San Francisco\u2019s SoMa district from Hines, the latter\u2019s San Francisco office announced Friday. The closing took place on Jan. 7, a Hines spokesperson told <i>Commercial Property Executive<\/i>. Financial terms of the sale were not disclosed.<\/p>\n<p>The building is 90 percent leased, and its major tenants include law firms Clyde &amp; Co. and Reed Smith and public accounting firm Moss Adams.<\/p>\n<p>Hines was advised by CBRE on this latest transaction. The seller had previously bought the building from Cousins Properties, of Atlanta, in 2004.<\/p>\n<p>\u201cThis was the ideal time from a capital markets perspective to monetize the value created for our investors,\u201d Ken Jett, managing director in Hines\u2019 Core Fund, told <i>CPE<\/i>.<\/p>\n<p>\u201cThe 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,\u201d George Clever, senior managing director in Hines\u2019 West Region, said in a release.<\/p>\n<p>\u201c101 Second St. is a strong addition to our national portfolio. The property\u2019s location, quality and leasing status are an ideal fit with our long-term investment approach,\u201d Bill Grubbs, managing director of Invesco Real Estate, also said in the release.<\/p>\n<p>Designed by Skidmore, Owings &amp; Merrill, the building was completed in 2000. Its design features a highly articulated steel frame, a fa\u00e7ade of Spanish limestone and light-green glass, and a four-story aluminum-and-glass art pavilion. 101 Second St. achieved LEED Gold certification in 2009.<\/p>\n<p>\u201cAfter a frenzied investment climate during the past couple of years, the market is entering a period with a balanced number of buyers and sellers,\u201d according to a Thirs Quarter San Francisco market overview from Marcus &amp; Millichap.<\/p>\n<p>\u201cOwners who purchased during the downturn are profit-taking after a significant gain in the value of their assets, while others are divesting to reallocate capital into markets with more potential upside,\u201d the report continues. \u201cPlenty of investors are present to purchase assets, though value-add plays will dominate buyer motivation in the coming year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Invesco Real Estate has purchased the 24-story, 388,370-square-foot Class A office tower at 101 Second St. in San Francisco\u2019s SoMa district from Hines.<\/p>\n","protected":false},"author":882,"featured_media":1004089634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,1609,15],"tags":[],"class_list":["post-1004089631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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