SAN FRANCISCO-Hines Global REIT has acquired the office property at 550 Terry Francois in the Mission Bay district here for the purchase price of $180 million. The class A building in question has achieved LEED Gold certification, and is fully leased through 2017. 550 Terry Francois was sold by a wholly owned subsidiary of GLL Real Estate Partners, Inc. Globest.com had news of this transaction back in August, but at that time no details had emerged.
According to a statement from the REIT, its president and CEO Charles Hazen said, “We were attracted to this opportunity due to the project's premier location, its state-of-the-art design and strong credit tenancy.”
The office property possesses 282,773 rentable square feet and was completed in 2002. Until 2017, it will be leased to Gap Inc. and will continue to be the headquarters of the company’s Old Navy brand. This building also includes a coffee shop, a company-owned and operated cafeteria, and parking facilities in a six-story garage with 308 spots.
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