JLL Income Property Trust, an institutionally managed, daily-valued, perpetual life REIT has sold 111 Sutter Street in San Francisco, a multi-tenant office building and the largest single property investment in its 70 property, $2.7 billion portfolio.
At a sale price of $227 million, this asset had appreciated to nearly 10 percent of the portfolio. With near-record pricing for the San Francisco market, the asset closed at more than two times the initial acquisition cost. The disposition comes at a time when San Francisco office rents and per square foot prices are at an all-time high.
“The iconic 111 Sutter building has been a cornerstone of our portfolio since we launched JLL Income Property Trust in 2012,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “It has been one of our best-performing investments over the last seven years. That said, in keeping with our core investment strategy, we’ve sold over $730 million and more than 30 prop
