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MassPRIM sells San Francisco office property

by Zoë Wolff

The $61.5 billion Massachusetts Pension Reserves Investment Management Board is selling a San Francisco office property to Tishman Speyer for approximately $380 million.

MassPRIM currently owns 98.9 percent of 333 Bush St.; the remaining 1.1 percent is owned by DivcoWest.

The 542,743-square-foot building is home to major tenants such as Brookfield Properties, Merrill Corp., Downey Branch, FundTech and AOL, according to Real Capital Analytics.

The 31-story office property was built in 1986. DivcoWest and MassPRIM acquired the building in October 2013 for $265.5 million.

MassPRIM has a target allocation to real estate of 14 percent and an actual allocation to real estate of 13 percent.

 

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