SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Liz McMillan, Yeshim Deniz, Pat Romanski

News Feed Item

MEPT Announces the Acquisition of 475 Sansome Street in San Francisco, CA

WASHINGTON, Dec. 11, 2012 /PRNewswire/ -- Multi-Employer Property Trust (MEPT) (www.mept.com) and Bentall Kennedy, real estate advisor to MEPT, announce the Fund's recent purchase of 475 Sansome Street, a 21-story, 353,269 square foot, office tower in downtown San Francisco, California. The transaction was brokered by the San Francisco office of Holiday Fenoglio Fowler (HFF).

"On behalf of MEPT, we have strategically focused on acquiring a select number of high-quality CBD office buildings in U.S. primary markets over the past eighteen months. 475 Sansome Street was particularly appealing since it is in a market with high barriers to entry, supply constraints and solid fundamentals driven by a diverse economic base. We believe market conditions in San Francisco suggest that office rents in the North Financial District submarket will continue to improve over the next few years," noted David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. "Furthermore, 475 Sansome's sustainable features and energy-efficient operations are a complement to MEPT's existing office portfolio and consistent with the Fund's global leadership in environmental performance."

475 Sansome Street is more than 90% leased to tenants with strong credit quality, including high-profile technology companies and national and regional professional services firms.  The property is attractive to tenants due to its convenient location, large and efficient floor plates, and above-average parking. 475 Sansome was awarded the Leadership in Energy and Environmental Design for Existing Buildings (LEED®-EB) Gold certification in 2010 by the U.S. Green Building Council® (USGBC) and has the E.P.A.'s ENERGY STAR designation.  The location of the property is at the corner of Sansome Street and Clay Street in the North Financial District, which is immediately adjacent to the landmark Transamerica Pyramid Center, and two blocks from Embarcadero Center. 

"With the acquisition of 475 Sansome, MEPT has successfully made investments of approximately $2.5 billion over the last three years to further its strategic plan," stated Jim Howard, Senior Vice President, Acquisitions, Bentall Kennedy. "We continue to seek attractive investment opportunities for the Fund.  Our focus remains on identifying  high-quality CBD office properties, grocery-anchored retail centers in urban infill or established suburban neighborhoods, and multi-family assets in urban markets serving the Echo-Boom generation."

About MEPT

MEPT is a $5.6 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 30 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by approximately 360 multi-employer, public employee and corporate pension plans. MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and is one of the largest U.S. real estate funds that is signatory to the UN Principals for Responsible Investment (UN PRI) and the top-ranked diversified fund in the U.S. for sustainability and environmental performance by the Global Real Estate Sustainability Benchmark (GRESB). Please visit www.mept.com to learn more.

MEPT is managed by NewTower Trust Company which serves as trustee, fiduciary and investment manager. Bentall Kennedy serves as the real estate investment advisor. Landon Butler & Company, LP® provides investor relations services.

About Bentall Kennedy

Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients across 140 million square feet of office, retail, industrial, residential and hotel properties totaling $29.8 billion throughout North America. Bentall Kennedy has a 100-year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing. Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership. For more information, please visit www.bentallkennedy.com.

Contact:

Pamela Silberman, SVP, Landon Butler & Company, MEPT Investor Relations/Media
[email protected]
Phone: 202-737-8824

Forward looking statements are subject to change due to market conditions or investment strategy execution, and past performance is not indicative of future results. Any assumptions should not be construed to be indicative of the actual events that will occur

SOURCE Multi-Employer Property Trust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are conf...
“We are a managed services company. We have taken the key aspects of the cloud and the purposed data center and merged the two together and launched the Purposed Cloud about 18–24 months ago," explained Chetan Patwardhan, CEO of Stratogent, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
of cloud, colocation, managed services and disaster recovery solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
SYS-CON Events announced today Sematext Group, Inc., a Brooklyn-based Performance Monitoring and Log Management solution provider, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), search analytics (S...
SYS-CON Events announced today that Stratoscale, the new data center operating system, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Based in Herzeliya, Israel, Stratoscale is redefining the data center, developing a hardware-agnostic, software platform hyper-converging compute, storage and networking across the rack or data center. The self-optimizing platform automatically distributes all physical...
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is a seismic change for organizations that offers great potential but comes with technical and cultural implications that can be difficult to navigate. In his session at DevOps Summit, Jeremy Steinert, DevOps Services Practice Lead at WSM International, will discuss best practices for successful DevOps deployments that create accountability, ensure secure access controls and create buy-in at all levels. He will include specific examples of successful DevOps deployments and the results a...
Puppet Labs on Wednesday released the DevOps Salary Report, based on salary data gathered from Puppet Labs' industry-recognized State of DevOps Report. The data confirms that market demand for DevOps skills is growing, and that DevOps engineers are among the highest paid IT practitioners today. That's because IT organizations today are grappling with how to be more agile and responsive to the business, while maintaining the stability of their infrastructure. DevOps practices, such as continuous ...
SYS-CON Media announced today that Blue Box as launched a popular blog feed on Cloud Computing Journal. Cloud Computing Journal aims to help open the eyes of Enterprise IT professionals to the economics and strategies that utility/cloud computing provides. Blue Box Cloud gives you unequaled agility, without the burden of designing, deploying and managing your own infrastructure. It’s the right choice when public cloud just won’t do. Blue Box Cloud is a managed Private Cloud as a Service (...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
Artifactory binary repository management system. As one of the most widely used binary repositories and the only repository that offers a high availability clustered solution, the integration with Artifactory helps customers easily adopt CA Release Automation to optimize their entire software development lifecycle. “Artifactory is a standard maker at the continuous-integration domain and provides the user a powerful repository experience with the freedom to choose his own tools set and ecosyste...