When GlobeSt.com first reported on the transaction six weeks ago, 10 of EOP's 11 CBD properties were said to be included in the deal. But in Wednesday's announcement, Morgan Stanley did not mention three of the properties and did not respond to GlobeSt.com's questions until Thursday.
Morgan Stanley now tells GlobeSt.com it omitted the three additional assets from its announcement not because they are not acquiring them but rather because it has yet to close on them. Those assets are One Post (421,000 sf), 201 Mission (489,000 sf) and 580 California St. (318,000 sf). Morgan Stanley says it will close on those assets in the near future. It did not provide a purchase price.
The assets acquired earlier this week are One Market (1.4 million sf), One Maritime Plaza (534,000 sf), 150 California St. (201,000 sf), 201 California St. (250,000 sf), 60 Spear St. (133,000 sf), 188 Embarcadero (aka Bayside Plaza, 88,000 sf), the 75 Howard St. parking garage. Also included in the deal was Foundry Square I, an ongoing $145-million redevelopment that when completed will become the new headquarters of Barclays Global Investors.
As for the leasing and property management assignments, Morgan Stanley tells GlobeSt.com that Jones Lang LaSalle has both assignments for One Market, as GlobeSt.com previously reported, and that CBRE has both assignments for One Maritime and 150 California. The leasing work for the remainder of the properties is in the hands of CAC Group while the property management assignment has been handed to Glenborough Realty Trust, the REIT Morgan Stanley acquired in November 2006.
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