interest in 111 Sutter, which has
performed well within Jones
Lang LaSalle Income Property
Trusts portfolio, is strategic as
the REIT looks to
grow its core assets.
SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Jones Lang LaSalle Income Property Trust Inc. has acquired the remaining interest in the entity owning 111 Sutter St. JLLIPT acquired the interest from an affiliate of Ellis Partners LLC.
“This investment is particularly well aligned with JLLIPT’s investment objectives: to seek current income and long-term capital appreciation from carefully selected commercial real estate investments,” notes Allan Swaringen, managing director, president and CEO of the REIT, in a prepared statement. “Expanding our current ownership interest in 111 Sutter, which has performed well within our portfolio since first acquired in partnership with Ellis Partners, is strategic as we look to grow our diversified holdings of core, income-oriented real estate across all four of our primary investment targets—office, retail, industrial and apartments.”
The REIT did not respond to further GlobeSt.com inquiries regarding pricing by deadline. 111 Sutter St. is a multi-tenant office building in the North Financial District of San Francisco. The building was built in 1926, renovated in 2001 and has been jointly owned by JLLIPT and Ellis Partners since 2005.
The 286,000-square-foot building is currently 98% leased to a broad mix of high quality tenants including financial services, legal and technology firms. 111 Sutter is LEED-certified and carries a “Category I” designation as a Historically Significant Building and is listed on the National Register of Historic Places.
“Ellis Partners has been a fantastic partner and we look forward to continuing our relationship with them both as a tenant in the building and as a consultant to our management team on the leasing and marketing strategy at this iconic property.” adds Swaringen.