December 16, 2016
Glendale, CA-based American Realty Advisors acquired Foundry Square III, a 291,093-square-foot, trophy office property in San Francisco’s Transbay District for reportedly $350 million. The seller was a development joint-venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management, which completed the building in 2014.
Foundry Square III is a LEED Gold-certified, 10-story asset that includes ground floor retail space and one of the largest indoor living walls in the nation. The building is 100% leased to high quality tenants including IBM, NASDAQ, Perkins Coie, Neustar, and Silicon Valley Bank.
American Realty Advisors’ Drew Hess 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.”
Eastdill Secured’s Jeffrey Weber and Stephen Van Dusen represented the seller.
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