From the Wires
American Realty Advisors Announces the Acquisition of 153 Townsend in San Francisco's South of Market District
By: Marketwired .
Dec. 4, 2012 08:30 PM
GLENDALE, CA -- (Marketwire) -- 12/04/12 -- American Realty Advisors, a leading provider of commercial real estate investment management services for institutional investors, announced today the acquisition of 153 Townsend, a state-of-the-art Class A ENERGY STAR® rated office building in the vibrant SoMa district, San Francisco's top-performing submarket.
Built in 2002, this nine-story 168,000 SF office property benefits from its large and highly-functional floor plates, flexible layouts, open ceilings, and raised floor system. The amenity-rich property features views of San Francisco Bay and the downtown skyline, plentiful parking, visibility along both King Street and Townsend Street, and is conveniently located adjacent to AT&T Park. 153 Townsend's prime location offers tenants an efficient transportation infrastructure, including direct access to a MUNI Metro light rail stop, close access to the Caltrain station and bus lines, and proximity to Interstate 280 and the Bay Bridge. Previously called 160 King, the property is currently 98% leased to a range of technology and traditional office tenants.
American's Chairman and CEO, Stanley L. Iezman, stated, "As the economy continues to recover and exhibit signs of increasing stability, American believes that it is prudent to focus on high-quality real estate investments in markets with strong globally-competitive industries. As technology markets like San Francisco continue to enjoy large increases in occupancy and rents, the acquisition of 153 Townsend represents an outstanding opportunity to own a premier asset, with secure long-term cash flows, in a dynamic and growing market."
American Realty Advisors
*Assets under management represent approximate gross market value of all assets and accounts managed by American as of June 30, 2012 which includes cash and cash equivalents and excludes partners' share of equity and partners' share of debt on partnership investments.
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