The building is owned by a joint venture of Sterling AmericanProperty and Hines. As reported in late last month,Parkside Towers is under contract to be sold to a joint venture ofHarvest Properties and Invesco Realty Advisors of Dallas forapproximately $180 million or $452 per sf, according to an industrysource. The sale is expected to close this month.

The Sterling-Hines JV acquired Parkside Towers in mid-2005 aspart of an unstable five-building, 1.7-million-sf portfolio fromEquity Office Properties for which it paid approximately $397million, of which $83 million was allocated to Parkside Towers. Theother properties were 405 Howard St., 301 Howard and 120Montgomery, all in San Francisco, and San Rafael Corporate Center.The JV has since sold three of the properties (San Rafael CorporateCenter, 405 Howard and 301 Howard) for $466 million.

With several floors that had been in shell condition since thebuilding was completed in 2002, Parkside Towers was the leaststable asset in the portfolio. The two-building development in the1000 block of East Hillside Boulevard was just 16% leased two yearsago. Thanks to a busy 2006 and early 2007, the property is nowfull. New tenants include IBM, which leased 60,000 sf in July, andAcxiom, which leased 52,000 sf in May.

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