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9/09/14
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Pembroke Real Estate has acquired 100 California Street, a 288.6k sf office building in the heart of San Francisco’s Central Business District. The purchase, which was made on behalf of its investors, marks Pembroke’s first acquisition in San Francisco. The price was not disclosed, although industry estimates put it around $182 mil.
100 California Street is a LEED Silver-certified office building comprised of 15 floors with flexible 20k sf floorplates and ground floor retail in a landmark location. The building is ideally situated in San Francisco’s North Financial District at the intersection of California and Davis Streets, one block from Market Street and all public transportation, across from the Embarcadero Center, and a short walk from the Ferry Building.
With a corner location and high ceilings, the office spaces benefit from abundant natural light. An increasingly sought after business address for technology, creative and professional services companies, 100 California Street is currently 83% leased to a diverse tenant base that includes technology, insurance, engineering and communications firms.
Focused on enhancing long-term value, Pembroke intends to position 100 California Street as a premier Class A office property through significant enhancement work and a committed long-term ownership strategy. Restroom renovations and system upgrades will begin this year, followed soon thereafter by lobby renovations and the activation of public areas, as well as other improvements to meet the current and continually changing demands of occupiers.
“100 California Street is an exciting first investment for Pembroke in San Francisco,” said David Lucey, senior vice president and head of US operations for Pembroke. “This acquisition presents a unique opportunity to enhance and position the property as a signature asset that is fresh and relevant to companies today, with inherent flexibility to meet their future business needs as well. Furthermore, San Francisco has a strong foundation for long-term economic growth and provides geographic and economic diversification to our global portfolio.”
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops well-located properties in the office, residential and mixed-use sectors. The Pembroke portfolio includes signature properties in key international markets including Boston, London, Munich, Paris, Stockholm, Sydney, Tokyo, and Washington, D.C.
The property was sold by Embarcadero Capital Partners, Broadway Partners and PCCP LLC. The sellers were represented by Eastdil Secured in the transaction. Pembroke has named Bill Cumbelich, Executive Vice President of CBRE, as the exclusive office leasing agent for 100 California Street.
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