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Jamestown Secures Four-Bldg Waterfront Plaza

LaSalle Investment Management Divests North Waterfront Portfolio
August 5, 2014
Jamestown, a real estate investment and management firm headquartered in Atlanta and New York, expanded its West Coast holdings with the acquisition of the Waterfront Plaza in San Francisco, CA.

Developed in 1976, the Waterfront Plaza consists of four commercial buildings totaling 297,260 square feet along The Embarcadero and across from Pier 31 and 33 in San Francisco’s North Waterfront. The portfolio consists of two four-story office buildings, 50 Francisco St. and 1700 Montgomery St., along with the Hillstone restaurant building at 1800 Montgomery St. and the five-story parking garage with ground floor office space at 60 Francisco St.

Waterfront Plaza is 92% leased to 40 tenants including Giant Creative Strategy, Comcast of California, Inc., Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin.

Jamestown acquired the asset through its Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. The Fund's West Coast portfolio also includes Ghirardelli Square and 799 Market in San Francisco, The San Luis Obispo Collection in San Luis Obispo, and Malibu Village in Malibu.

Jamestown's Premier Property Fund had also owned San Francisco's Pacific Place, but sold the asset in June for $415 million.

Eastdil Secured engineered the sale on behalf of Chicago-based LaSalle Investment Management, which acquired the Waterfront Plaza in 2011 for $40.4 million.

Please see CoStar Comp #3085100 for more information on the transaction.

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