Brookfield Puts 333 Bush Up for Sale; USPS Markets 8 Assets
- Jul 11, 2012
A second tech boom is ratcheting up demand for office space in the San Francisco Bay Area .This has prompted a number of owners to buy or unload assets, among them Brookfield Asset Management, the global alternative asset manager that manages a $150 billion portfolio.
Brookfield is hoping to ride the wave to a big payday for 333 Bush Street, a 543,000-square-foot office condominium building in San Francisco. Local professionals speculate that the property could command $500 per square foot, or $272 million. The firm secured ownership of 333 Bush in 2009, when a Brookfield-controlled fund foreclosed on a $224 million note that the previous ownership had defaulted on. The property is 82 percent occupied.
Also expected to hit the market shortly are seven Bay Area properties and a vacant parcel designated for disposal by the U.S. Postal Service. The initiative is part of a nationwide strategy that calls for selling Postal Service assets. As reported by the San Francisco Business Times, the assets headed for the auction block include:
• 2200 Powell Street, San Francisco – 9,983 square feet
• 910 D Street, San Rafael – 18,950 square feet
• 380 Hamilton Avenue, Palo Alto – 20,920 square feet
• 3875 Bohannon Drive, Menlo Park – 26,185 square feet
• 500 Stone Pine Road, Half Moon Bay – 14,325 square feet
• 150 Harbor Drive, Sausalito – 14,210 square feet
• 220 Park Road, Burlingame – 14,225 square feet
• 1150 Eighth Street, Berkeley – 2.2 acre vacant parcel
Photo courtesy brookfieldofficeproperties.com