Coldwell Banker Commercial NRT Brokers Sale of Landmark 225 Bush Street Building in San Francisco for $350 Million
San Francisco's landmark 225 Bush Street office tower has been sold for $350 in the largest deal ever brokered by Coldwell Banker Commercial NRT in the San Francisco Bay Area.
- San Francisco, CA (1888PressRelease) May 24, 2014 - Coldwell Banker Commercial NRT announced today that it has brokered the sale of one of San Francisco's landmark office towers, 225 Bush Street, for $350 million. The sale by the German company Seb Immobilien Investment and Flynn Properties to undisclosed buyers marks the biggest Bay Area transaction ever recorded for Coldwell Banker Commercial NRT.
Originally known as the Standard Oil Building, 225 Bush is Class A historic high-rise tower comprised of 583,000 square feet. The 22-story building was originally constructed in 1922 by John D. Rockefeller, with substantial renovations in the 1990's and 2000's. At one point it was the tallest high-rise in San Francisco.
225 Bush Street served as the headquarters for Standard Oil of California (now Chevron) for more than a half a century. Today, its tenants include Blue Shield of California and Wells Fargo Bank, as well as Internet technology companies like Groupon and Zillow. The building is approximately 97 percent occupied.
Situated in a prime location along Market Street in the booming North Financial District, 225 Bush is "in a great position to attract technology and media tenants seeking creative space as well as traditional finance, insurance and real estate companies," said Steven Caravelli, the agent with Coldwell Banker Commercial NRT in San Francisco who brokered the sale.
A nearly 30-year real estate veteran, Caravelli is one of Coldwell Banker's top certified commercial associates in San Francisco. Over the past year he has brokered several apartment complexes, development sites, and single tenant investment properties as well as leasing and selling office properties on Van Ness Avenue.
The Bush Street sale is just the latest of a string of large transactions by Coldwell Banker Commercial NRT. Headed by Tom Hershey, director of commercial real estate in California for Coldwell Banker, the commercial operations have been growing steadily in recent years with larger and more high profile deals.
For information on Coldwell Banker Commercial NRT contact Tom Hershey at 925-771-5328, or at tom.hershey ( @ ) westrsc dot com dot Steve Caravelli is located at Coldwell Banker Commercial, 1699 Van Ness Avenue in San Francisco dot He can be reached at 415 dot 229 dot 1367 or at steven dot caravelli ( @ ) cbnorcal dot com dot
About Coldwell Banker Commercial NRT
A subsidiary of Realogy Corporation, the world's leading real estate franchisor, Coldwell Banker Commercial NRT® (CBC®) is a worldwide leader in the commercial real estate industry. The CBC brand has its roots in the oldest and most respected national real estate brand in the country, which was founded after the San Francisco earthquake of 1906 by Colbert Coldwell, who was later joined by Benjamin Banker. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises over 250 companies and 3,000 professionals throughout the U.S., as well as internationally.
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