October 12, 2020
Columbia Property Trust, Inc. and Allianz Real Estate completed the formation of a joint venture to recapitalize 221 Main St. in San Francisco. Allianz contributed cash of $180 million for a 45% ownership interest in the joint venture, which values the South Financial District tower at $400 million.
221 Main Street is a 381,000-square-foot, LEED Platinum and Energy Star-certified office building. Acquired by Columbia in 2014, the property features Bay views and abundant outdoor space. The building is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace.
Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset. This transaction is the fifth office asset owned by joint ventures between Columbia and Allianz, which now have a collective gross asset value of roughly $2.3 billion.
For comments, questions or concerns, please contact Dennis Kaiser