Principal Real Estate Investors Acquires San Francisco Office Building
Oct. 18, 2006 (Des Moines, Iowa) — 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 $370 million. Principal Global Investors is a diversified asset management organization with world-class investment expertise in fixed income, equities and real estate.
"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 square feet of Class A office, retail and storage space with an adjacent 5-story annex building. The building is currently 100 percent 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 square feet each.
Jeff Weber with San Francisco based Eastdil Secured, a subsidiary of Wells Fargo, brokered this transaction.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management1 and manages or subadvises $35.4 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a wholly-owned subsidiary of Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $168.8 billion in assets primarily for retirement plans and other institutional clients. 2
About the Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management4 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) Pensions & Investments magazine annual survey of real estate managers, Oct. 17, 2005.
2) As of June 30, 2006. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®), and includes the global asset management operations of the following members of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd; Principal Global Investors (Australia) Ltd; and Principal International, Inc., its subsidiaries and affiliates.
3) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of June 30, 2006.
