American Realty Advisors buys San Francisco office
American Realty Advisors has acquired Foundry Square III, a class A trophy office asset in San Francisco. The sales price was not disclosed; however, the deal is estimated to be valued at approximately $350 million.
ARA has acquired the property on behalf of one of its open-end commingled real estate funds. The seller was a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.
Located one block from San Francisco’s $4.5 billion Transbay Transit Center, Foundry Square III is at the intersection of the South Financial and SoMa submarkets and is surrounded by premier technology, financial, legal and consumer goods companies.
The property consists of a 10-story, 291,093-square-foot office building that includes groundfloor retail space. Foundry Square III, built in 2014, is 100 percent leased to high-quality tenants including IBM, NASDAQ, Perkins Coie, Neustar