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