EMERYVILLE, Calif.--(BUSINESS WIRE)--
Harvest Properties, a full service commercial real estate investment, development and management firm today announced the company has acquired 55 Hawthorne Street in San Francisco, California from Divco West with longtime partner Invesco Real Estate. Additionally, Harvest announced that they have entered into an agreement to manage 631 Howard Street also acquired by Invesco. Harvest will install a new “best in class” management team with expertise in leasing, construction management and tenant relations immediately. Deal terms were undisclosed.
Well known in San Francisco as Howard Hawthorne, the two Class “A” office buildings total 239,299 square feet. The complex offers the advantage of large floor plates, easy access to public transportation and the coveted amenity of ample parking in a market with a shrinking supply. Renovated in 2013, Howard Hawthorne sits on a prime block in the heart of San Francisco’s exploding South Financial District, one of the strongest office markets in the nation. The Property is one block from the thriving Second Street Technology Corridor and just a few blocks from the largest U.S. development currently under construction, the massive Transbay Project that is dramatically changing the landscape of downtown San Francisco.
“In this incredibly dynamic submarket we are thrilled to secure and manage these particular assets,” said John Winther, Founder and Managing Partner of Harvest Properties. “They offer the unique equation of desirable creative space plus abundant on-site parking near the epicenter of San Francisco’s historic transformation. We believe they are perfectly positioned to capitalize on unprecedented growth.”
Built in 1929, 631 Howard Street is a charming five-story, 101,437 square foot brick and timber structure that features a side core design, 20,000 square foot floor plates, and 18-foot glass windows on the ground floor. Optimizely, a tech start-up named by Forbes as one of the top thirteen start-ups of 2013, is in a long-term lease for the entire building.
55 Hawthorne Street, which was completed in 1970 is an 11-story, 137,862 square foot office tower that features 17,000 square foot floor plates and a five level, 348 stall parking garage.
The Harvest asset teams will oversee a variety of projects, including upgrading the building systems and bringing the building up to the standards required by today’s office tenants which include exposed ceilings, open floor plans and high-end finishes. Additional projects will include suite upgrades coinciding with tenant lease expirations, recapturing and combining spaces as appropriate to meet market-demand for suite sizes, and maximizing parking revenues. Ownership expects to be able to offer a block of up to 100,000 square feet of space in time.
The JLL Investment Sales team of Michel Seifer, Rob Hielscher, Aaron Herter and Daniel Renz brokered the deal. Leasing brokers include Mark Geisreiter and Charlie Withers of CBRE.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $59.7 billion of real estate investments, which includes $24.8 billion in direct real estate portfolios and $24.8 billion in real estate securities (as of March 31, 2014). With more than 360 employees in 19 offices worldwide, the group focuses on top down market and property type fundamentals combined with bottom up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance. Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.
- Real Estate
- Investment & Company Information
- San Francisco
- real estate investment