CS fund sells "Adam Grant Building
Deka Immobilien has acquired "The Adam Grant Building" in San Francisco from a Credit Suisse real estate fund.
"The Adam Grant Building" is an office property at 114 Sansome Street in the heart of San Francisco's financial district. Deka Immobilien GmbH acquired the property for around 136 million euros (equivalent to approximately CHF 145 million). It is to be added to the portfolio of the Deka-ImmobilienGlobal open-ended mutual property fund.
According to various media reports, Credit Suisse acquired the property for CS REF International in October 2013 for 105 million US dollars. This corresponds - at current exchange rates - to a purchase price of CHF 104 million.
The listed office building, dating from 1908, extends over 14 floors and has been extended, converted and refurbished several times, most recently in 2016 by the Credit Suisse Fund. It has a leasable area of almost 18,000 sqm, including premises for retail trade and gastronomy on the first floor.
The Class A property is almost fully leased to 16 users. The online travel portal Expedia occupies around 40 percent of the space. "The Adam Grant Building is certified to the Leadership in Energy and Environmental Design (LEED) Gold standard.
For Deka-ImmobilienGlobal, this is the first investment on the West Coast of the USA.
