July 1, 2016
New York-based Blackstone Real Estate Partners acquired Market Center, a 753,000-square-foot, two-building asset for an undisclosed sum from John Hancock Real Estate, the U.S. division of Manulife Financial Corp. Chicago-based Equity Office, Blackstone’s wholly-owned affiliate, will make its Northern California regional HQ at Market Center.
Located at 555 and 575 Market St., Market Center is a vibrant urban office campus that was 93% leased at the time of sale. The asset is home to Uber, TIBCO Software, PNC Bank, and Bank of San Francisco.
Equity Office plans to make significant improvements to the property, including new tenant suites, ideally suited for creative workspace designs. Other upgrades will target common areas and collaborative spaces, new retail services, advanced fitness and wellness offerings, improved energy efficiency and sustainability.
Eastdil Secured represented the seller, while Blackstone was self-represented in the transaction.