Rockefeller Group and Mitsubishi Estate New York JV Adds 662,060-SF Tower at 50 Beale St. to Growing Office Portfolio
Broadway Partners Fund Manager LLC completed its disposition of 50 Beale St., a 662,060-square-foot office building
in San Francisco's south financial district, to a joint venture between The Rockefeller Group and Mitsubishi Estate New York. Terms were not disclosed.
The 23-story tower was designed by Skidmore Owings & Merrill as the headquarters for Bechtel Corp. It was renovated this year and earned LEED-EB certification from the U.S. Green Building Council. Bechtel and Blue Shield of California lead the tenant roster of the 90 percent occupied property.
Eastdil Secured advised the seller.
Masato Kawasaki, executive vice president of Mitsubishi Estate New York, said his firm and The Rockefeller Group are aiming to expand their investment in the U.S. market.
The San Francisco office tower is the third acquisition completed by The Rockefeller Group and Mitsubishi Estate New York. The JV partners last year picked up the 347,608-square-foot office building at 1100 First St. and 306,000-square-foot structure at 1101 K St. in Washington, DC.
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