Pembroke Real Estate Acquires 100 California Street
Pembroke Real Estate today announced the acquisition of 100 California Street in the heart of San…
Purchase Marks International Advisor’s First Acquisition in San Francisco
Pembroke Real Estate today announced the acquisition of 100 California Street in the heart of San Francisco’s Central Business District. On behalf of its investors, Pembroke facilitated the acquisition of the 288,619 sf 100 California Street from Embarcadero Capital Partners, Broadway Partners and PCCP, LLC. This is Pembroke’s first acquisition in San Francisco.
100 California Street is a LEED Silver certified office building comprised of 15 floors with flexible 20,000 sf floor plates and ground floor retail in a landmark location. The building is ideally situated in San Francisco’s North Financial District at the intersection of California and Davis Streets, one block from Market Street and all public transportation, across from the Embarcadero Center, and a short walk from the Ferry Building. With a corner location and high ceilings, the office spaces benefit from abundant natural light. An increasingly sought after business address for technology, creative and professional services companies, 100 California Street is currently 83% leased to a diverse tenant base that includes technology, insurance, engineering and communications firms.
Focused on enhancing long-term value, Pembroke intends to position 100 California Street as a premier Class A office property through significant enhancement work and a committed long-term ownership strategy. Restroom renovations and system upgrades will begin this year, followed soon thereafter by lobby renovations and the activation of public areas, as well as other improvements to meet the current and continually changing demands of occupiers.
100 California Street is an exciting first investment for Pembroke in San Francisco
said David Lucey, senior vice president and head of US operations for Pembroke.
This acquisition presents a unique opportunity to enhance and position the property as a signature asset that is fresh and relevant to companies today, with inherent flexibility to meet their future business needs as well. Furthermore, San Francisco has a strong foundation for long-term economic growth and provides geographic and economic diversification to our global portfolio
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops well-located properties in the office, residential and mixed-use sectors. The Pembroke portfolio includes signature properties in key international markets including Boston, London, Munich, Paris, Stockholm, Sydney, Tokyo, and Washington, D.C.
Embarcadero Capital Partners, Broadway Partners and PCCP, LLC were represented by Eastdil Secured in this transaction.
Pembroke Real Estate has appointed Bill Cumbelich, Executive Vice President of CBRE, as the exclusive office leasing agent for 100 California Street.
About Embarcadero Capital Partners
Embarcadero Capital Partners is a real estate investment and management firm based in San Francisco that invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture. ECP targets assets with strong leasing appeal due to location, quality, design, and other factors. Sellers value our discretionary capital, rapid decision-making and due diligence capabilities, and reputation as a “closer.” ECP adds value to assets by proactive management and leasing, and by selective capital improvement and redevelopment.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
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