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| Foundry Square III, Transbay District, San Francisco, CA |
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| Drew Hess |
San Francisco, CA –
American Realty Advisors (“ARA”), a leading real estate investment firm,
announced the acquisition of Foundry
Square III, a Class A trophy office asset located in the heart of San
Francisco’s highly sought-after and amenity-rich Transbay District.
ARA has acquired the
property on behalf of one of its open-end commingled real estate funds. The
seller, a development joint venture between Tishman Speyer and institutional
investors advised by J.P. Morgan Asset Management, completed the building in
2014.
The seller was represented
by Jeffrey Weber and Stephen Van Dusen of Eastdil
Secured.
Located one block from San
Francisco’s visionary $4.5 billion Transbay Transit Center, Foundry Square III
is at the intersection of the South Financial and SOMA submarkets and is
surrounded by premier technology, financial, legal and consumer goods
companies. The area is in immediate proximity to a number of public transit
options and neighborhood amenities.
The LEED Certified-Gold
asset consists of a single 10-story 291,093 sf dynamic office building that
includes ground floor retail space. Foundry Square III, built in 2014, is 100%
leased to high quality tenants including IBM, NASDAQ, Perkins Coie, Neustar, and
Silicon Valley Bank.
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| Austin Maddux |
The property features
state-of-the-art building systems, floor to ceiling glass, abundant building
amenities including an open air sky deck, large efficient floor plates and a
two-story lobby with a unique living wall.
Drew Hess,
Senior Director, Investment Group, American Realty Advisors, notes, “acquiring
a recently completed high-quality asset with long-term leases in-place to
creditworthy tenants at First and Howard streets is the ultimate core
investment. We see San Francisco continuing
to lead global innovation with this location as the epicenter.”
ARA focuses its national
investment activity in major metropolitan markets that are innovation hubs
containing high concentrations of our nation’s globally competitive industries
that benefit from highly educated/professional human capital.
“This acquisition gives us a significant
position in one of the strongest office markets in the country adding to an
existing San Francisco office portfolio that includes 153 Townsend in SOMA,”
adds Austin Maddux, Assistant
Portfolio Manager at American Realty Advisors. “Foundry Square III brings
stability of income and potential future upside in an urban setting that is
poised for long-term value appreciation. This acquisition represents the type
of high-quality assets our firm continues to seek and we are pleased to add
this exceptional property to our portfolio.”
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940,
