Principal Real Estate Investors Acquires San Francisco Office Tower
January 7, 2008 (Des Moines, Iowa) — Principal Real Estate Investors, one of the largest real estate investment firms in the United States, announced today that they have acquired 150 Spear Street office tower in San Francisco, Calif.
The 256,827 square foot building enjoys an ideal location on the vibrant Spear Street Corridor in San Francisco's South Financial District. The property has unobstructed views of San Francisco Bay, as well as easy access to the Bay Bridge and Highways 101 and 280.
"This acquisition continues our strategy of acquiring quality, well-located assets in premier markets," said Christopher Aust, director of acquisitions and dispositions, Principal Real Estate Investors. "We are excited about the opportunity to offer a significant amount of high-quality office space for lease in a desirable sub-market, with outstanding Bay views, and close to all forms of transportation".
Constructed in 1981, the 18-story Class-A office building offers underground parking and features a continuous ribbon window line, allowing excellent views of the San Francisco Bay. The property is currently 78% occupied by a number of high-quality tenants, including NASDAQ, Kessler Pacific, Department of Defense and Market Tools.
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 $244.9 billion in assets1 primarily for retirement plans and other institutional clients.
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 management2 and manages or subadvises $40.4 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, a diversified asset management organization and a member of the Principal Financial Group.®
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. A member of the Fortune 500, the Principal Financial Group has $306 billion in assets under management4 and serves some 18.3 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.
Insurance issued by Principal Life Insurance Company. Securities offered through Princor Financial Services Corporation, member SIPC and/or independent broker dealers. Securities sold by a Princor Registered Representative are offered through Princor®. Bank Products offered through Principal Bank®, member FDIC, Equal Housing Lender. Principal Life, Princor and Principal Bank are members of the Principal Financial Group, Des Moines IA 50392.
Insurance and securities are not insured by the FDIC; are not obligations or deposits of Principal Bank nor guaranteed by Principal Bank; and are subject to investment risks, including possible loss of the principal invested.
1)As of Sept. 30, 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.; Morley Financial Services Inc.;Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; and the majority owned affiliates of Principal International, Inc.
2)Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2007. "Real Estate Managers," PENSIONS & INVESTMENTS, Oct. 15, 2007
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 September 30, 2007.
