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MEPT buys San Francisco office for $147m

The $5.6 billion, open-end commingled real estate equity fund acquired 475 Sansome Street from the Abu Dhabi Investment Authority.


The Washington DC-based Multi-Employer Property Trust (MEPT) has purchased a San Francisco office tower from the Abu Dhabi Investment Authority (ADIA). 

A statement from the $5.6 billion, open-end commingled real estate equity fund reveals it has acquired 475 Sansome Street, a 21-story, 353,269 square foot office tower in downtown San Francisco. Bentall Kennedy advised MEPT on the deal. Although neither the seller nor the price was disclosed, data provider Real Capital Analytics lists ADIA as the seller and the price as $147.1 million. 

David Antonelli, executive vice president and MEPT portfolio manager at Bentall Kennedy, said in a statement that MEPT has “focused on acquiring a select number of high-quality central business district office buildings in US primary markets over the past 18 months”, and noted that 475 Sansome fits that strategy.

475 Sansome Street is more than 90 percent leased. Tenants include Oracle, Yahoo, Amazon.com and Bank of The West.

“With the acquisition of 475 Sansome, MEPT has successfully made investments of approximately $2.5 billion over the last three years,” added Jim Howard, senior vice president, acquisitions, Bentall Kennedy. 

Founded in 1982, MEPT is owned by approximately 360 multi-employer, public employee and corporate pension plans. MEPT is managed by NewTower Trust Company which serves as trustee, fiduciary and investment manager. Bentall Kennedy serves as the real estate investment advisor for the fund.