Laurus Corporation Completes Acquisition of Office Building in San Francisco's Market St.
LOS ANGELES, Sept. 14, 2011 /PRNewswire/ -- Laurus Corporation ("Laurus") is pleased to announce that it successfully completed the acquisition of an exceptional office building located at 1155 Market St in San Francisco, California.
Containing approximately 140,000 rentable square feet of office space and strategically located within the Civic Center area, the Property is an institutional quality, eleven-story office building, with one level underground parking. The Civic Center encompasses approximately six million square feet of office space occupied by the Federal Government, the State of California, and the City of San Francisco. Known for its healthy mix of office, residential, and fine restaurants, this area hosts many cultural attractions – City Hall, Herbst Theatre, War Memorial Opera House, Davies Symphony Hall, and Civic Auditorium – all within a few blocks of the Property.
Market Street is the primary thoroughfare through the City of San Francisco. Commencing at the Ferry Building on the waterfront, Market Street extends from Downtown, through the city retail district, the Civic Center and terminates in the Castro. Market Street provides every form of public transportation, including BART, MUNI, buses, historic trolley cars and access to the famous Cable Cars at Powell Street.
San Francisco, in addition to its scenic beauty and as a major tourist destination, is considered the West Coast's premier office market and one of the most dynamic real estate investment markets in the world. San Francisco leads the region as a worldwide financial and cultural center, a corporate headquarters location for major global companies, and the hub of Bay Area finance, design, film, fashion, accounting, consulting, and advertising activities. Furthermore, several billions dollars of public works and private construction projects are currently underway despite the nation's soft economic climate.
The new owners intend to implement a program upgrading the building, including façade, lobby, corridors, public bathrooms and overall building atmosphere in order to provide an enhanced working experience to tenants and visitors.
1155 SF Partners, LLC was formed as an investment vehicle to acquire the property. The partners behind the entity have over 60 years of real estate development experience through a variety of entities and corporations, and their portfolio of holdings includes hotels, resorts, office buildings, shopping centers and residential developments.
Laurus Corporation is a boutique style domestic and international real estate development company that specializes in office buildings, hotels and resorts, master plan communities, mixed-use properties and multifamily. The Company coordinates activities converting ideas from paper into real property; it creates, manages, develops, and orchestrates key partnerships, consistently achieving exceptional returns for its investors.
SOURCE Laurus Corporation
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