San Francisco, CA, May 24, 2014 --(PR.com
)-- 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.
Hershey, who has been with the company for four and a half years, was appointed statewide director two years ago. The move brought together the Northern and Southern California commercial operations to create a single statewide commercial division for the first time. "By merging the two regions we were able to provide our agents greater support, resources and networking opportunities, and we're starting to see that pay off," he said.
Today, Coldwell Banker Commercial NRT is one of the leading commercial brokerages with 75 agents in the Bay Area and 250 throughout California. In the Bay Area alone, transaction volume has increased nearly 100 percent in the past two years. During the same period, dollar volume, excluding this transaction, has increased almost 400 percent - the result of CBC garnering a larger share of high-dollar transactions.
For information on Coldwell Banker Commercial NRT contact Tom Hershey at 925-771-5328, or at email@example.com. Steve Caravelli is located at Coldwell Banker Commercial, 1699 Van Ness Avenue in San Francisco. He can be reached at 415.229.1367 or at firstname.lastname@example.org
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.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 57 office locations and more than 3,900 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.