SAN FRANCISCO – Sept. 12, 2012 – A joint venture of The Rockefeller Group and Mitsubishi Estate New York has closed on the acquisition of 50 Beale St., the distinctive class-A office tower located in the heart of San Francisco’s South Financial District.
The property represents the third joint venture acquisition completed by The Rockefeller Group and Mitsubishi Estate New York. The seller was advised by Eastdil Secured. Terms were not disclosed.
Designed by Skidmore Owings & Merrill LLP, 50 Beale St. was built as the headquarters for the Bechtel Corporation. The 23-story building is located at the intersection of Beale and Mission Streets two blocks from the future site of the Transbay Transit Center, a $4.2 billion transportation project billed as the “Grand Central Station of the West.”
Completed in 1968, 50 Beale St. totals 662,060 square feet. The building has undergone extensive renovations as recently as 2012 and is LEED-EB certified by the U.S. Green Building Council. It is approximately 90 percent occupied by major corporations including Bechtel and Blue Shield of California.
“We are very pleased to partner with Mitsubishi and to expand our holdings to San Francisco,” said Kevin R. Hackett, President and Chief Executive Officer of The Rockefeller Group. “50 Beale Street is well designed and well maintained, and it will continue to benefit from its quality and location long into the future.”
According to Dennis Irvin, President and CEO of Rockefeller Group Investment Management, a subsidiary of The Rockefeller Group, “This asset is an extremely good fit for our investment strategy, which is focused on stable, high quality, well located properties in markets with a high barrier to entry.”
“We are pleased to add 50 Beale St. to our portfolio and to build on our successful relationship with The Rockefeller Group, and we are aiming to expand our investment in the U.S. market,” said Masato Kawasaki, Executive Vice President of Mitsubishi Estate New York.
With the acquisition of 50 Beale St., The Rockefeller Group and Mitsubishi Estate New York have acquired more than 1.3 million square feet of premier U.S. office space over the past 18 months. In 2011, the companies acquired 1100 First Street and 1101 K Street in Washington, D.C., which total 347,608 square feet and 306,000 square feet, respectively.
About The Rockefeller Group
The Rockefeller Group is a global real estate developer, owner, investment manager and operator with an 80-year operating history that began with the development of Rockefeller Center in New York. The company’s investment strategies seek to capitalize on the firm’s global perspective and operating expertise. The Rockefeller Group has approximately 400 employees in seven U.S. offices, and in 2010 expanded its presence to Europe with a strategic investment in Europa Capital, a European private equity real estate fund manager. The Rockefeller Group is a subsidiary of Mitsubishi Estate Co., Ltd., one of the world’s largest real estate development and services firms.
About Mitsubishi Estate New York
Mitsubishi Estate New York (MENY) is the U.S. investment arm of Mitsubishi Estate Co., Ltd., a comprehensive global real estate developer and investor whose consolidated businesses include building leasing, residential development and sales, and architecture, as well as real estate brokerage and hotels. Since its establishment in 1972, MENY has invested in numerous real estate projects including the 777 Tower building in Los Angeles and the PacWest Center in Portland. In 2008, MENY purchased the premier office building One North Central in Phoenix.
For more information, contact Brian Mahoney at (212) 282-2000.