'Balance-sheet buyers' still seek downtown deals - San Francisco Business Times:

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In a quiet off-marke t deal, Principal Real Estate Investors has acquiredf 150Spear St. for $142. million. 's Zach Siegel and Seth Siegel representedthe seller, . The at $567 a square foot, represented a nice return for PacificxEagle Holdings, which bought the 260,000-square-foot structurew in 2002 from Divco West Propertiez for $102.8 million, or $400 a square foot. The buildingb is 72 percent occupied, with Nasdaq, Dunn and Bradstreet, and amony the largest tenants. Last year Principal bought 333Markegt St. for $377 million. While some clasws B and non-core assetx are selling for as much as 20 percent less than Seth Siegel says the 150Spead St.
transaction shows that "strong deals are pricing through thecredit turmoil." "The deal didn't get retraded, and we hit our target said Siegel. "Principal was great to work They executed in a timely fashion aspromised -- no ifs, ands or The 150 Spear deal was not the only transaction to close as 2007 came to an end. Just 14 monthsw after snappingit up, and sold Hawthorn e Plaza to a joint venture of Hines and The price was not disclosedr but said to be more than $400 a squarre foot, or $176 million.
The sellerds acquired it in September 2006for $127 The San Francisco office of Eastdil Securedx represented TMG and Farallon Capitol in the The two-building office complex, locates at 75 Hawthorne St. and 95 Hawthorne St., is 82 perceng leased with 73 percent of the spacd occupied by thefederal government, includinf the EPA's southwest regional headquarters, which leasews approximately 260,000 square feet. San Francisco'sw real estate community is mourningv the loss of Jacque a national pioneer in tenant representatio and vice chairman with He died ofa sudden, systemic infection that ultimatelhy caused organ failure. He was 58.
A former head of Studley's Chicago office, Ducharme "wase a great mentor to so many brokers," said Steves Barker, a Studley executivd vice presidentand co-branch manager. "Hde was one of the most unassumingly intelligen people that any ofus encountered. While Jacque enjoyedf incredible success as one of the very top real estatd brokers inthe world, he was without questio the most modest person I have ever known." Thosse interested in making an expression of sympathy are asker to consider donations in Jacque's memory to: Larkin Street Youth Services, 701 Sutter St., San Francisco, CA 94107.
Developef Molasky Pacific opened a sales office for its Ellingtonn condo highrise project amid a crowded markeg indowntown Oakland. The 134-unit project in the waterfrongt Jack London Square districtt is competing withapproximately 1,200 other market-ratew housing units for sale in according to numbers through October from condo-marketing-firm the That's why Molaskg and its marketing firm, , decided to give the buildintg a unique, cream-and-beige appearance and to launch and elaborats web site. The companies are positioning the Ellington as the firstt luxury condominium project in JackLondon Square.
"W hoped to allow prospective buyers get a feel for the residencr before it has actuallybeen completed," said Andreaa Bassman of design firm , also roped into the effort. Stillo under construction, the Ellington is slated for completion in The Business Times is seeking toidentift 2007's biggest and best real estate deals, and its top for our annual Real Estate Deals of the Year To nominate your best deals or a go to . The deadline for nominationes is Jan. 24.