Deka Immobilien has acquired “The Adam Grant Building” in San Francisco for c. €136m. The office property, which is located in the heart of the financial district, was sold by a Credit Suisse real estate fund and will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal.
The 14-storey office building was built in 1908 and has undergone expansion, conversion and renovation a number of times, most recently by the Credit Suisse real estate fund in 2016. It is a protected historical building and offers close to 18,000m² of leasable space, including retail and restaurant areas on the ground floor. The class A property is almost fully leased to a broad mix of 16 tenants, including Expedia, Inc., one of the world’s largest online travel agencies, which occupies 40% of the space. “The Adam Grant Building” has received Leadership in Energy and Environmental Design (LEED) Standard Gold certification.
This first investment on the West Coast of the United States allows fund management to diversify the Deka-ImmobilienGlobal portfolio in the US by adding a prestigious property in a desirable location with a broad tenant mix.
