505 Van Ness Avenue
San Francisco, CA 94102 ·
270,768 SF · Office For Sale
Public Utilities Building
|Building Size||270,768 SF||Building Class||A|
|Property Sub-type||Institutional/Governmental||Year Built||1984|
|Property Use Type||Investment||Lot Size||1.94 AC|
|Occupancy||100%||Parking Ratio||0.87 / 1,000 SF|
|Listing ID: 16613007||Date Created: 03/17/2010||Last Updated: 04/26/2010|
CB Richard Ellis, as exclusive advisor to the State of California, is privileged to present the opportunity to acquire a 100% fee simple interest in the Public Utilities Commission Building, located at 505 Van Ness Avenue in the Civic Center submarket of San Francisco, California (the Property ). The Property consists of a LEED® Silver certified, Class A office property containing 270,768 rentable square feet over a two-level subterranean garage that can accommodate approximately 235 cars. The Property was constructed in 1984 and consists of a 5-story steel framed mid-rise office building.
The Property is 100% leased, of which 99.4% is leased to the State of California for 20 years firm, providing an investor with stable and secure cash flows and built-in rent escalations that enhance yields during the lease term. The State of California has an investment grade credit rating of A- by standard & Poors. The lease will commence at the close of escrow.
IF YOU WOULD LIKE TO RECEIVE THE OFFERING MEMORANDUM, PLEASE FILL OUT THE REGISTRATION AGREEMENT IN THE ATTACHMENT SECTION OF THIS WEBSITE
The Property is situated between Van Ness Avenue (US Highway 101) and Franklin Street, two of San Francisco' s main north/south arterials. Across the street from San Francisco City Hall, the Property' s irreplaceable location is highly valued by government and support service users. The Property enjoys excellent access to public transportation via the Civic Center station 4 blocks away providing service throughout the city and region via the SF Municipal Railway and the Bay Area Rapid Transit (BART) system.
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