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DivcoWest, Blackstone JV to Reposition “AI Alley” Office Tower
DivcoWest launched a joint venture with funds affiliated with Blackstone Real Estate to reposition 300 Howard St., a 25-story office tower in San Francisco’s South Financial District. The San Francisco Business Times reported that the JV paid $111.34 million to purchase the tower in downtown’s largest post-pandemic office sale. DivcoWest and partner CalSTRS previously acquired a 49% stake in the property five years ago.
Previously known as 199 Fremont, the 420,000-square-foot tower will be reimagined to embrace its location within “AI Alley,” according to DivcoWest. The JV partners said they’re rolling out a repositioning strategy with hospitality-inspired upgrades.
“Together, we’re making a bold investment to reimagine the building as a next-generation workplace—one that inspires, attracts, and empowers the talent driving the future of AI and technology,” said Gregg Walker, president of DivcoWest Real Estate Asset Management.
JLL will continue its partnership with ownership. Executive managing director Chris Roeder, senior managing director Ted Davies, and SVP Carlye Parker will handle office leasing for 300 Howard.
Photo courtesy of JLL.
- ◦Sale/Acquisition
- ◦Development
