Transactions - AUGUST 5, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

J.P. Morgan buys two assets for $1.1b

by Andrea Waitrovich

J.P. Morgan Asset Management and an Asian partner are under contract to acquire a 98 percent stake in Market Square, a 1.1 million-square-foot office building located at 1355 Market St. in San Francisco that serves as Twitter’s headquarters. Both will retain a 49 percent stake.

The seller is Shorenstein Properties, which purchased the asset for $120 million in 2011 on behalf of its $2.1 billion commingled fund Shorenstein Realty Investors Nine, and has invested $80 million of renovations. Shorenstein will retain the remaining 2 percent interest in the property.

An official statement has not been released; however, Real Capital Analytics puts the sales price at approximately $900 million, or $843 per square foot.

J.P. Morgan Asset Management made the purchase with itsJ.P. Morgan Strategic Property Fund, according to

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy