Rockefeller Group Joint Venture Snatches 50 Beale Street, San Francisco
By Carrie Rossenfeld
50 Beale St., a distinctive, class-A office tower in the South Financial District, is off the block since a joint venture between the Rockefeller Group and Mitsubishi Estate New York has closed on the acquisition. While the parties involved declined to reveal the sale price to GlobeSt.com, industry sources unrelated to the deal say it was rumored to sell for $300 million and that the seller was a joint venture between Fortress Investment Group and Lehman Brothers Holdings Inc. The seller was advised by Eastdil Secured.
The property, completed in 1968, is 662,060 square feet and has undergone extensive renovations as recently as this year. The LEED-EB-certified building is approximately 90% occupied by major corporations including Bechtel and Blue Shield of California. It was designed by Skidmore Owings & Merrill LLPand built as the headquarters for Bechtel.
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