Richard Ellis has acquired a six-story Class A office building in San Francisco through its Strategic Partners US IV fund. Financial details of the deal were not disclosed.
The newly constructed building, acquired from Lowe Enterprises, totals 291,000 square feet of rentable space. Located at 500 Terry Francois Boulevard in the city’s Mission Bay area, the property is adjacent to the 280 Freeway and anchored by the University of California San Francisco. It features high-tech conference rooms, retail space and a 4,000-square-foot fitness center.
The property is located in an area with low vacancy rates and high barriers to entry, according to the firm, consistent with the office repositioning strategy of its Strategic Partners US IV fund, which closed in 2005 with $1.2 billion in equity.
The Los Angeles-based real estate investment firm closed its latest real estate fund, CBRE Strategic Partners US 5, last month with $2.1 billion (€1.4 billion) in capital commitments. The vehicles, which comprise two limited partnerships: Strategic Partners US Value 5 and Strategic Partners US Opportunity 5, will have a total purchasing power of $6.4 billion.
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