Columbia Property Trust, Allianz Real Estate JV buys S.F. office

Columbia Property Trust and Allianz Real Estate have completed the formation of a joint venture to recapitalize 221 Main St. in San Francisco. Allianz contributed cash of $180 million for a 45 percent ownership interest in the joint venture, which values 221 Main St. at $400 million.

Consistent with most of the other ventures between Columbia and Allianz, Columbia will retain a 55 percent ownership stake and function as general partner for the venture. Columbia also will continue to oversee the day-to-day operations of the asset.

The 381,000-square-foot 221 Main St. is a LEED Platinum and Energy Star–certified office building in San Francisco’s South Financial District. Acquired by Columbia in 2014, the property features bay views and abundant outdoor space. The building is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace.

With this transaction, 221 Main St. has become the fifth office asset owned by joint ventures between Col