Pier 27 Makeover Starts; One Beach Street Trades for $36.5M
- Feb 09, 2012
A new cruise ship terminal is on the horizon at Pier 27. Following the Jan. 31 demolition of a warehouse, the site initially will house America’s Cup Village, which will provide retail space and restaurants as well as viewing spots for fans during next year’s America’s Cup race. After the event, the city will complete construction of the new terminal. The initiative dates back to 2007 when a panel recommended development of a new terminal to accommodate increased cruise ship traffic, according to the San Francisco Business Times.
In other news, American Assets Trust Inc. closed on the $36.5 million acquisition of One Beach Street. The fully leased, recently renovated Embarcadero office building offers 97,000 square feet of office space and is the REIT’s third acquisition in the San Francisco Bay area. American Assets owns a 2.3 million square-foot office portfolio as well as 3 million square feet of retail space, mostly in California, Hawaii and Oregon.
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