Silverstein, which will also manage the property, is planning a value-add that is said to include a new lobby, elevator cabs, lighting and façade upgrades. No word was given on the planned cost of the renovations.
It won't be the first renovation launched on the nearly 50-year-old building. The seller, Koeppel Cos. LLC, performed a major rehab in the late 1980s, so it's clearly time.
Koeppel purchased the asset, currently 95% occupied, in 1958.
While this is the first purchase in the metro area for the Silverstein/CalStrs JV, it is not the last. According to a statement, the partnership "provides Silverstein Properties with up to $2 billion in buying power to be used for acquisition purposes in the metropolitan area."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
