Transaction marks first large office sale of 2010 in downtown San Francisco
SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced it exclusively represented Taiwan-based Pacific Resources Stevenson in the purchase of 49 Stevenson St.,(top right photo) a 126,110-square-foot Class A office building located in the heart of San Francisco’s financial district.
The purchase represents the first Class A office building sale to take place in 2010 in San Francisco.
Pacific Resources Stevenson purchased the property in an all-cash transaction from a U.S. institutional seller for $24.2 million, which is approximately 40 percent below its current assessed value.
Daniel Cressman, executive vice president, along with team members Michael Taquino, vice president, and Kyle Kovac, senior associate, represented the buyer in the purchase of the 15-story office building completed in 1989. The property is anchored by multiple office tenants, including M+W Zander and Hitachi Consulting, as well as retail tenant Yank Sing Restaurant.
(Golden Gate Bridge top left photo)
“In addition, the downtown market is attracting more than 20 purchasers for each major property that comes to the market, resulting from the recent decrease in values that are predicted to continue through the first half of 2010.”
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
Grubb & Ellis Company Selected to Market 524,518-SF Warehouse/Distribution Facility in North Brunswick, NJ
EDISON, NJ-– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has been selected to market a 524,518-square-foot warehouse/distribution facility available for sale or lease located at 1665 Jersey Avenue in North Brunswick.
Originally built for Goodyear Tire & Rubber Company and currently occupied by Church & Dwight, the building features 20,981 square feet of office space on two levels, ceiling heights of 25 to 28 feet clear, 38 dock doors, 22 rail doors, heavy power, high density sprinklers, ample car and trailer parking and a full concrete apron.
The building is strategically located just off the Jersey Avenue Exit of Route 1 and is divisible into 100,000-square-foot sections.
Contact: Erin MaysPhone: 312.698.6735Email: erin.mays@grubb-ellis.com
Michael D. Mason Joins Grubb & Ellis as Director, Retail Occupier Services in Chicago
CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, t announced that Michael D. Mason (top right photo) has joined the firm as director, Retail Occupier Services, effective immediately.
“Michael brings tremendous retail real estate and client service experience,” said Branson Edwards, executive vice president and managing director of Grubb & Ellis’ Retail Occupier Services. “Bringing him on board helps us enhance the level of service we provide to our retail occupier clients nationally.”
Mason, 32, comes to Grubb & Ellis from Mid-America Real Estate Corporation, where he was a broker associate involved in the development and leasing of more than 2 million square feet of retail space and was the firm’s primary disposition expert.
Prior to joining Mid-America in 2006, Mason spent seven years at Hewitt Associates, LLC, where he first served as an analyst and then an account manager responsible for managing benefits outsourcing services contracted to prominent Fortune 500 clients.
Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
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