Principal Real Estate Investors, the real estate investment arm of Principal Global Investors, has acquired 333 Market St., a 33-story high rise tower in the center of San Francisco's Financial District from Wells Fargo for approximately €276 million (approx. $370 million).
"This is a strategically important investment for The Principal®," said Mark Hanrahan, managing director for Principal Real Estate Investors. "This is prime office space located next to one of the busiest commuter stations in San Francisco and offers great views of the San Francisco Bay. In addition, San Francisco's office space market has recovered and we believe it will continue to grow, making this purchase an excellent long term hold for The Principal."
The property offers 655,398 ft² of Class A office, retail and storage space with an adjacent 5-story annex building. The building is currently 100% leased by Wells Fargo for a 20-year term.
Situated on the south side of Market Street, between Beale and Front Street, 333 Market St., provides immediate access to both the San Francisco Municipal Railway and Bay Area Rapid Transit systems. The property's lobby recently underwent a major renovation and features column-free floor plates measuring 18,500 ft² each.
Jeff Weber with San Francisco based Eastdil Secured, a subsidiary of Wells Fargo, brokered this transaction.