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Hines Global Divesting San Francisco’s Old Navy HQ for $343M
Hines Global REIT is under contract to sell 550 Terry Francois, a six-story Class A office building in San Francisco, to the Sobrato Organization LLC for roughly $342.5 million. The 282,773-square-foot Mission Bay district property serves as Gap’s Old Navy headquarters.
Sobrato made a $25 million earnest money deposit, which could be returned if the sale contract is terminated under certain conditions. Gap holds first offer rights in its lease agreement that runs through 2022, allowing it to buy the property under similar terms.
The deal is expected to close in January 2019.
Hines Global REIT acquired the asset for $180 million in 2012. The property was designed by Studios Architecture and was completed in 2002. It contains two wings connected by a central open core forming an integrated J-shaped floor plate.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


