South Korean Firm Takes San Francisco Office Tower for $370M
- May 22, 2008
San Francisco’s 43-story One Sansome office tower has sold for $370 million to a South Korean asset management company. According to a Reuters report, the tower was purchased by Mirae Asset MAPS Investment Management, a unit of Mirae Asset Group, which is South Korea’s biggest mutual fund seller. Reuters identified the seller as New York City-based Broadway Partners, which acquired the building in May of 2007. One Sansome (pictured) is a landmark Class A office tower located in the North Financial District of San Francisco. The property is located less than one-half block from Market Street, which is the financial district’s main commercial corridor, and is also within easy access to Interstate 80 and Highway 101, CalTrain and cable car lines. Additionally, the building had direct access via a pedestrian tunnel to the light rail station. Among the building’s tenants are Citicorp North America, Bear Sterns and Smith Barney. Overall, One Samsome is 95 percent leased.Vacancy for the north and south financial districts of San Francisco is 10.1 percent, which is a little below the 10.7 percent average for all of San Francisco office product, according to a Grubb & Ellis Co. report. Broadway Partners is a private real estate investment and management firm that invests in high quality office properties in select markets nationwide. Since 2000, Broadway Partners has acquired office assets with a value in excess of $15 billion. Mirae Asset MAPS Investment Management focuses on developing alternative investment opportunities for its clients. Mirae Asset MAPS Investment Mangement launched Korea’s first real estate fund as well as the country’s first private equity fund.