March 20, 2017
Toronto, Canada-based Brookfield Asset Management acquired One Post Street in San Francisco for a reported $245 million-$250 million from McKesson Corp. The 420,000-square-foot property is the pharmaceutical distributor’s headquarters.
McKesson, which acquired the asset in 2012, plans to lease back 200,000 square feet for 10 years. The roughly 84%-leased, 38-story property is at the corner of Post and Market streets.
Once the transaction closes, Brookfield Asset Management is expected to explore multiple capital sources in which to place the property. A likely source is Brookfield Premiere Property Fund, a commingled fund with an open-ended investment structure.
JLL’s San Francisco-based capital markets group, led by Rob Hielscher, handled the deal.
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