Hines, an international real estate company, announced that its U.S. Core Office Fund has acquired two downtown San Francisco office buildings totaling 767,196 square feet.
The total value of the transactions was not disclosed.
Cousins Properties Incorporated and Myers Development Co. sold the properties, located at 55 and 101 Second St.
55 Second Street is a 25-story, 379,330-square-foot office building located in the Mission Street Corridor of San Francisco’s South Financial District. The building was completed in 2002. At the time of sale, the property was approximately 82 percent leased to tenants, including KPMG LLP; Paul, Hastings, Janofsky & Walker LLP; UPS Supply Chain Solutions; and Preston Gates & Ellis LLP.
101 Second Street is a 25-story, 387,866-square-foot office building also located in the Mission Street Corridor. The building was completed in 2000. At the time of sale, the property was approximately 81 percent leased to tenants, including Thelen Reid & Priest LLP; Ziff Davis Media Inc.; and Nexant Inc.
The U.S. Core Office Fund, a partnership formed by Hines and Sumitomo Life Realty Inc., a wholly owned subsidiary of Sumitomo Life, the third largest insurance company in Japan, was formed to acquire a portfolio of class-A office buildings in the United States.
What’s your opinion? Send your Letter to the Editor to email@example.com.