Columbia Property Trust, Inc. and Allianz Real Estate have formed a joint venture to recapitalize 221 Main Street, an office building in San Francisco.
Allianz contributed cash of $180 million for a 45% ownership interest in the joint venture, which values 221 Main Street at $400 million, said Columbia in a statement.
Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset.
221 Main Street is a 381,000-square-foot, LEED Platinum and Energy Star-certified office building in San Francisco’s South Financial District. The building is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace.
“We are pleased to once again expand our relationship with Allianz Real Estate, through a transaction that reflects our shared confidence in both the value of 221 Main and the attraction of San Francisco’s office market for long term investors,” said Nelson Mills, Columbia’s Chief Executive Officer.
