Joint venture buys interest in San Francisco project

Grubb & Ellis recently announced that Page Mill Properties L.P., a San Francisco real estate equity fund sponsored by Divco West, has acquired a 70 percent ownership interest in 444 De Haro St., a 152,000-square-foot office complex covering an entire block of the Showplace Square area of San Francisco.

The transaction was valued at approximately $25.5 million.

The investment was made in a newly formed joint venture with affiliates of Flynn Properties, a San Francisco real estate investment group.

At the time of sale, the building was 70 percent leased, largely to tenants in the technology and professional service sectors, and includes ground-floor retail space.

444 De Haro LP of San Francisco sold the building.

Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.

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