Harvest Properties and an affiliate of Lone Star Funds have formed a joint venture to recapitalize 600 California St., a 360,000-square-foot Class A office tower in San Francisco’s Financial District.
Lone Star finalized the joint venture with San Francisco-based Harvest after acquiring the property through a foreclosure process following its purchase of the underlying debt. Under the agreement, Harvest will have an equity interest in the asset and will serve as operating partner, overseeing day-to-day operations, leasing strategy and a repositioning plan.
The joint venture will provide new equity, local management and capital improvements intended to reposition the asset as San Francisco’s office market recovers.
“We believe that 600 California is well-positioned to benefit from the improving market dynamics in San Francisco behind further investment, and we look forward to partnering with Harvest in this opportunity,” said Jérôme Foulon, global head
