Principal Real Estate Investors and Harvest Properties Acquire San Francisco Bay Area Office Property
June 5, 2007 (Des Moines, Iowa) — Principal Real Estate Investors and joint venture partner, Harvest Properties, announced today that they have acquired Bay Center Offices in San Francisco's East Bay area. Located at 6425-6475 Christie Avenue in Emeryville, Calif., the property consists of three Class A office buildings totaling 327,750 square feet sited on 7.6 acres. Emeryville is the geographical center of the Bay Area and has good access to all of the area's transportation and amenities.
Christopher Aust, director of acquisitions and dispositions for Principal Real Estate Investors, said: "We are excited to have purchased this irreplaceable asset. This acquisition increases our holdings in the dynamic San Francisco Bay Area real estate market, and supports our investment strategy of acquiring quality assets in markets with strong economic growth and inherent space constraints."
The property is situated adjacent to Interstate 80 on the eastern shore of San Francisco Bay, and enjoys unobstructed views of downtown San Francisco, the Bay Bridge, the Golden Gate Bridge and the Marin Headlands. It also benefits from easy access to Interstate 580 and Highway 101, and the BART commuter system.
Constructed in 1987-88, the property includes two five-story buildings and one three-story building, all with striking glass and brick exteriors, which provide excellent visibility from Interstate 80. It has ample parking and easily divisible floor plans offering suites ranging from 1,200 to 26,000 SF. It is 94% occupied by high-quality tenants, including Novartis (Chiron), Jamba Juice, MobiTV, Sendmail and Orb Networks.
The Principal Real Estate Investors and Harvest Properties joint venture acquired the property from Bay Center Office, LLC. The transaction was brokered by CB Richard Ellis.
About Harvest Properties
Harvest Properties is a diversified commercial real estate services firm based in Emeryville, California focusing on value-added investment opportunities, real estate development, and property management in the San Francisco Bay Area.
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 $40.0 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 member of the 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 $213.6 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 $270.1 billion in assets under management4 and serves some 17.6 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) Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2006. "Real Estate Managers," PENSIONS & INVESTMENTS, Oct. 16, 2006.
2) As of March 31, 2007. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors, Edge Asset Management, Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; and the majority owned affiliates of Principal International, Inc.
3) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of December 31, 2006.
