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5/27/26
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Harvest Properties and an affiliate of Lone Star Funds have formed a joint venture to recapitalize 600 California Street, a 360k sf, Class A office tower in San Francisco’s Financial District.
As part of a coordinated strategy, Lone Star finalized the joint venture with San Francisco-based Harvest immediately after acquiring the property through a foreclosure process following its purchase of the underlying debt. Under the terms of the agreement, Harvest will have an equity interest in the asset and serve as operating partner, overseeing day to day operations, leasing strategy and the execution of a targeted repositioning plan.
The joint venture brings fresh equity, active local management and a comprehensive capital improvement program to reposition the asset for the next phase of San Francisco’s office market recovery.
The 20-story office tower is characterized by its side core design and gradual setbacks, which provide panoramic views for approximately 80% of the building. Under the new joint venture, the building will be able to compete aggressively as demand returns to San Francisco’s top tier office market, according to Harvest Partner Preston O’Connell.
“600 California has always been a high-quality asset, with challenges stemming from ownership instability, not from the real estate itself,” said O’Connell. “Now that the market knows there is strong and committed sponsorship with fresh equity and a clear plan, we’re already seeing renewed touring activity from prospective tenants ranging from 5k sf to more than 250k sf.”
"600 California sits within a select 15% of San Francisco office inventory commanding Bay views," said Harvest Director Alex Kaplan. "Buildings in that cohort are experiencing vacancy rates roughly half that of the broader market, a testament to the durability of tenant demand for premier, well-located space.
Harvest will begin a series of targeted improvements designed to reposition the property and support leasing momentum, including:
• Renovations to the lobby and exterior plaza
• Creation of a 10k sf–15k sf shared amenity floor including state-of-the-art fitness/wellness, tenant lounge and flexible meeting spaces
• Addition of a new exclusive roof deck
• Market ready upgrades to vacant floors
Harvest Properties has engaged Christopher Roeder, Tom Doupe, Carlye Parker and Lexi Castellino in JLL’s San Francisco office as exclusive leasing agents.
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