Investcorp unloads buildings in New Jersey, California

Secures buyers for office, retail, residential space

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Investcorp has sold a portfolio of four office buildings in Northern New Jersey, as well as one mixed-use property in San Francisco, Calif., for undisclosed prices. Investcorp, in partnership with Wilson Meany Sullivan LLC, sold One Powell Street in downtown San Francisco to SPI Holdings LLC. One Powell Street was originally built by the Bank of Italy (later Bank of America) as its headquarters in 1921. The historic American Renaissance-style structure is eight stories high and totals approximately 80,000 square feet. Investcorp and San Francisco-based developer Wilson Meany Sullivan purchased the property in August 2003. At that time, a major redevelopment was initiated to convert the building from its existing office/banking use to approximately 39,000 square feet of retail space and 44 residential apartments, while at the same time performing a seismic retrofit of the structure. The redevelopment was completed in January 2005. The retail space has been 100 percent leased to Bank of ...