San Francisco, CA – Ellis Partners LLC announced the purchase of 255 California Street in downtown San Francisco, California. The 14-story 183,000 square foot, Class A mid-rise office building is located at the corner of California and Battery Streets. The seller was HB-255 California, L.L.C. The buyer was a real estate investment fund managed by Prudential Real Estate Investors. The seller was represented by CBRE and Prudential/Ellis Partners represented themselves in the acquisition.
“We have known and respected the local Prudential team for years”, said Gordon Hess, Principal and Director of Acquisitions for Ellis Partners. “We were pleased that we could work with them in finalizing the acquisition of this property in San Francisco where both Prudential and Ellis Partners have a long history of ownership. It was a great outcome for both of us”.
The property will be managed by CAC Real Estate Management Co. and leased by the CAC Group, a longtime tenant in the building.
About Prudential Real Estate Investors:
PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of March 31, 2012, PREI managed approximately $51.1 billion in gross real estate assets ($33.4 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.