Hamburg-based Union Investment Real Estate has acquired a 33-storey office building in San Francisco for $446 mln (EUR 335 mln) from project developer Tishman Speyer.
Hamburg-based Union Investment Real Estate has acquired a 33-storey office building in San Francisco for $446 mln (EUR 335 mln) from project developer Tishman Speyer.
The 51,748 m2 property at 555 Mission Street was acquired on behalf of the open-ended real estate fund UniImmo: Europa.
The Class A building was completed in 2008 and was awarded LEED-CS 'Gold' certification. Designed by Kohn Pederson Fox, the building is 88% let to 12 tenants with an average lease duration of 9.3 years. The anchor tenant is Deloitte, the international consulting firm, with a 14-year lease.
This is Union Investment's first acquisition in the US in the last four years, but comes days after the fund manager sold an office property in Seattle for EUR 83 mln.
