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9/06/12
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Hines Global REIT has acquired 550 Terry Francois, a 282.8k sf office building in San Francisco’s Mission Bay district. The LEED® Gold-certified building was sold for $180 mil by a wholly owned subsidiary of GLL Real Estate Partners Inc, which was advised by Eastdil Secured.
Hines Global REIT was represented in the purchase by Texas-based Hines, who will also manage the property. 550 Terry Francois is fully leased through 2017 to Gap Inc, which uses the property as the headquarters for its Old Navy brand.
Built in 2002, the six-story, Class A office building was designed by the San Francisco firm Studios Architecture. 550 Terry Francois contains two wings connected by a central open core forming an integrated J-shaped floor plate.
The building contains an under-floor HVAC system and 12-foot ceiling heights, which allow for excellent natural light penetration and a loft-like, spacious work environment. On-site amenities include a coffee shop and a large company-owned and operated cafeteria, as well as parking in an adjacent shared six-story garage with 308 stalls allocated to the property.
We were attracted to this opportunity due to the project's premier location, its state-of-the-art design and strong credit tenancy," said Charles Hazen, president and CEO of Hines Global REIT.
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