REIT Buys San Francisco Office Building for $36.5MFriday, January 27, 2012
American Assets Trust Inc., a real estate investment trust with headquarters in San Diego, has completed a $36.5 million acquisition of a San Francisco office building.
The company said in a Jan. 24 statement that the three-story, 97,000-square-foot building, known as One Beach Street, is located in San Francisco’s Embarcadero waterfront district. The purchase price was paid with cash on hand.
The renovated and historic property is fully leased and is the REIT’s third office property to be acquired in the San Francisco market.
American Assets’ portfolio includes 2.3 million square feet of office properties and 3 million square feet of retail space, with additional holdings in hotel and apartment real estate. Its assets are primarily in California, Oregon and Hawaii.
The company trades under the symbol AAT on the New York Stock Exchange.
— Lou Hirsh