SAN FRANCISCO – Jones Lang LaSalle Capital Markets experts today announced the sale of the Adam Grant Building in San Francisco on behalf of Seagate Properties. The 14-story historic landmark office building located at 114 Sansome Street was sold to a global Real Estate Fund managed by Credit Suisse AG.
Managing Directors Rob Hielscher, Michel Seifer and Vice President Aaron Herter led the JLL team representing Seagate. Lacy, Ltd. advised Credit Suisse Real Estate Asset Management.
“The Adam Grant Building is a one of San Francisco’s premier landmark office buildings, and it offers the desirable combination of strong income stream security and significant upside potential,” said Seifer.
"The Adam Grant Building embodies the creative space that is in high demand from the technology firms that are driving the San Francisco leasing market,” added Hielscher.
The Adam Grant Building is LEED-gold certified and features open, collaborative space to encourage creativity and flexibility, appealing to the preferences of today’s workforce. It is recognized by San Francisco’s Historic Preservation Commission as a Category I historically significant building, which is defined as a structure with great individual importance and excellent architectural design.
Since the beginning of 2010, more than 4 million square feet of office space has been absorbed in the San Francisco market and the average office rental rate in the City has spiked by almost 70 percent. The market benefits greatly from the surge in activity from the technology industry as well as from the significant barriers to entry due to geographic constraints and municipal development regulations.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Megan Dolan