May 15, 2017 Comments Off on Chinese Developer Acquires $100M Stake in Prime Waterfront Dev Site Views: 509 Bay Area, California News

Chinese Developer Acquires $100M Stake in Prime Waterfront Dev Site

China’s SRE Group Limited acquired an 80% stake in 75 Howard St. on San Francisco’s waterfront, reportedly for nearly $100 million. The condominium development team now encompasses a joint-venture between a fund controlled by New York-based Paramount Group and JBC 75 Howard LLC, an affiliate of Chicago-based The John Buck Co.

The roughly 20,020-square-foot entitled land parcel is proposed to included a 335,000-square-foot, 220-foot-tall tower, with 120 residential units on 19 floors above a 5,000-square-foot restaurant.

The project, which was approved in 2015, is slated to deliver in 2019 and is SRE’s first North American investment. The site, one of the last remaining on the downtown San Francisco waterfront, is between the Bay Bridge and Ferry Building.

JLL’s Rob Hielscher and Flora Wang handled the transaction. SRE is a subsidiary of China Minsheng Investment Group (CMIG), the largest privately owned investment group in China.

Read more at The Registry SF

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