DivcoWest and CalSTRS buy 49% stake in San Francisco office building
DivcoWest and the $248 billion California State Teachers’ Retirement System have paid $186.2 million for a 49 percent stake in a San Francisco office building, sources familiar with the matter have revealed.
Located at 199 Fremont St., the property consists of a 25-story, 410,000-square-foot class A office building and a 5,831-square-foot retail building in the city’s South Financial District submarket, according to DivcoWest’s website.
GLL Real Estate Partners, a Florida-based international fund manager, holds the remaining interest in the property, which it has owned for seven years. According to GLL’s website, the building also features a 160-car parking garage and is located close to BART, MUNI, freeways, Ferry Building and other forms of public transportation.
In May 2018, DivcoWest and CalSTRS entered into a $300 million joint venture, focused on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the Un