Dec. 11, 2012
/PRNewswire/ -- Multi-Employer Property Trust (MEPT) (
) and Bentall Kennedy, real estate advisor to MEPT, announce the Fund's recent purchase of 475 Sansome Street, a 21-story, 353,269 square foot, office tower in downtown
San Francisco, California
. The transaction was brokered by the
office of Holiday Fenoglio Fowler (HFF).
"On behalf of MEPT, we have strategically focused on acquiring a select number of high-quality CBD office buildings in U.S. primary markets over the past eighteen months. 475 Sansome Street was particularly appealing since it is in a market with high barriers to entry, supply constraints and solid fundamentals driven by a diverse economic base. We believe market conditions in
suggest that office rents in the North Financial District submarket will continue to improve over the next few years," noted
, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. "Furthermore, 475 Sansome's sustainable features and energy-efficient operations are a complement to MEPT's existing office portfolio and consistent with the Fund's global leadership in environmental performance."
475 Sansome Street is more than 90% leased to tenants with strong credit quality, including high-profile technology companies and national and regional professional services firms. The property is attractive to tenants due to its convenient location, large and efficient floor plates, and above-average parking. 475 Sansome was awarded the Leadership in Energy and Environmental Design for Existing Buildings (LEED
-EB) Gold certification in 2010 by the U.S. Green Building Council
(USGBC) and has the E.P.A.'s ENERGY STAR designation. The location of the property is at the corner of Sansome Street and
in the North Financial District, which is immediately adjacent to the landmark Transamerica Pyramid Center, and two blocks from Embarcadero Center.
"With the acquisition of 475 Sansome, MEPT has successfully made investments of approximately
over the last three years to further its strategic plan," stated
, Senior Vice President, Acquisitions, Bentall Kennedy. "We continue to seek attractive investment opportunities for the Fund. Our focus remains on identifying high-quality CBD office properties, grocery-anchored retail centers in urban infill or established suburban neighborhoods, and multi-family assets in urban markets serving the Echo-Boom generation."