REIT Roundup
With tech driving multifamily and office, it's a good time to be a REIT in S.F., according to SNL figures. Equity Residential is No. 1 in the Bay Area, owning nearly 13,500 units across 53 properties there as of Dec. 2 (we snapped chairman Sam Zell, above, at REITWorld in San Francisco last month). EQR may not hold the top title for long, however. Essex Property Trust has 10,700 units in 48 properties, but if their reported $5B offer to purchase BRE Properties is accepted, the new company would jump to the top.
As of Dec. 2, REITs had 22 office developments and planned acquisitions in the Bay Area--more than any MSA in the US. The only planned purchase belongs to Select Income REIT, which has its sights set on buying a four-property, 250k SF office portfolio in San Jose for $64.9M. There are 179 office properties owned by 21 different REITs in the Bay Area, with HCP owning the most (78 medical office, R&D and assisted-living properties). Life sciences REIT Alexandria Real Estate has the second-highest number of properties (18), including 499 Illinois in Mission Bay (pictured).
