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10/12/20
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Columbia Property Trust Inc and Allianz Real Estate have completed the formation of a joint venture to recapitalize 221 Main Street in San Francisco. Allianz contributed cash of $180 mil for a 45% ownership interest in the joint venture, which values 221 Main Street at $400 mil. Consistent with most of the other ventures between Columbia and Allianz, Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset.
221 Main Street is a 381k sf, LEED Platinum and Energy Star-certified office building in San Francisco’s South Financial District. Acquired by Columbia in 2014, the property features Bay views and abundant outdoor space. The building is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace.
With this transaction, 221 Main Street has become the fifth office asset owned by joint ventures between Columbia and Allianz Real Estate, which now have a collective gross asset value of approximately $2.3 bil. The four other properties jointly owned by Columbia and Allianz are University Circle and 333 Market Street in San Francisco, 114 Fifth Avenue in New York, and 1800 M Street in Washington, D.C. Columbia and Allianz have also both made investments in the Terminal Warehouse joint venture in New York, together with other partners.
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