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Bentall Kennedy wants to sell stake in 757 Third, SF properties for $1B
Canadian firm bought Midtown office tower in 2015 for $360M
A real estate fund run by Bentall Kennedy hopes to raise $1 billion by selling a 49 percent stake in 757 Third Avenue and two San Francisco properties.
The Canadian investment firm bought the 459,000-square-foot, 27-story office tower for $360 million in 2015 from Aby Rosen’s RFR Realty. The other two properties up for grabs are 600 California Street and 475 Sansome Street in San Francisco, Real Estate Alert reported. Eastdil Secured is marketing the properties.
757 Third received a $30 million renovation in 2013 and is 91 percent leased, according to Real Estate Alert. Major tenants include accounting firm Grant Thornton, which leased 130,000 square feet, and communications firm NTT America.
Last year, Bentall bought the downtown office building 2 Rector Street in partnership with Cove Property Group from Kushner Companies and CIM Group for $225 million. [REA] — Konrad Putzier