Why 20 Bidders Love This Building
Hines' 101 Second is expected to close this week to Invesco, which is dropping $297M for the SOM-designed tower. In the process, it became more popular than hand-warmers at the 49'ers/Packers game.
Just how much interest did the prime 26-story office asset garner in 30 days on the market? About 20 interested buyers, sources close to the deal tell us. (And here we thought the holiday season was for shopping for socks, not skyscrapers.) The majority were from institutional players, the sources say. The 14-year-old building features a dramatic glass-clad, four-story atrium that serves as an art pavillion.
The sale must be a coup for CBRE's Russell Ingrum, whom we hear repped the seller. The managing director of the capital markets office practice relocated to San Francisco from Houston in 2012 to better serve investors there (snapped above during his Texan days, sans cowboy hat). The sales price ($765/SF) was more than two times what Hines paid for the building back in 2004.
At the time, Hines also scooped up 55 Second, which is being marketed by Eastdil as part of a recap plan. There's talk that it might be taken off the market now that 101 Second traded for so much, but an Eastdil rep wouldn't confirm or deny that (our sources highly doubt it'll be pulled). Known as the KPMG Building, the 25-story structure was completed in 2002 and designed by Heller Manus.
