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SOURCE Cornerstone Real Estate Advisers LLC
Sale of South of Market Property Underscores Resurgent Tech Sector
SAN FRANCISCO, Oct. 10, 2013 /PRNewswire/ -- Cornerstone Real Estate Advisers LLC, one of the world's largest real estate investment managers with over $40 billion in real estate assets under management, today announced the $110 million sale of 795 Folsom Street, a six-story, 187,000-square-foot building in the South of Market district, home to a resurgent high tech industry.
The LEED Gold-certified Class A office building, which Cornerstone acquired in July, 2011 for $71 million, recently served as the headquarters for online social networking and microblogging service Twitter. Today tenants in the fully leased property include rapidly growing interactive entertainment company Kabam, telecommunications giant AT&T and workplace solutions group Regus.
"Two years ago, it became clear the revival in the Bay Area high-technology industry was going to put a premium on top tier office buildings like 795 Folsom Street," said John Kennedy, managing director at Cornerstone. "We decided to buy the building and make a series of enhancements to appeal to tech companies who prefer creative workspace layouts."
Close to the city's mass transit networks and upscale shopping, 795 Folsom Street offers a renovated high tech lobby, large, flexible floor plates and high ceilings.
The sale to ASB Real Estate Investments was completed by Cornerstone's value-added real estate fund which invests in higher growth markets, many of which have high concentrations of employment in the technology, energy and health sectors.
"Cornerstone is on the lookout for similar deals as the opportunities arise," said Kennedy.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the world's largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.
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