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California  + Office  | 

Paramount Claims San Francisco’s Market Center for $722M, Finalizes $402M 55 Second St. Deal

New York-based Paramount Group Inc. completed the acquisition of a 44% joint venture interest in 55 Second Street in San Francisco (pictured). In an unrelated transaction, the company also said it is buying Market Center, a two-building Class A office complex comprising 753,000 square feet in San Francisco’s South Financial District for $722 million, or $959-per-square-foot.

The 94%-leased Market Center complex consists of 555 Market St. and 575 Market St. comprising 280,000 square feet and 473,000 square feet, respectively. The transaction is expected to close in Q4 2019, and Paramount expects to bring in a joint venture partner prior to closing.

The 55 Second Street property was valued at roughly $402 million, or $1,039-per-square-foot. In connection with the previously announced acquisition, the existing $137.5 million mortgage loan will remain in place and be upsized by an additional $50 million. The $187.5 million mortgage loan is interest-only at a fixed interest rate of 3.88%, and matures in October 2026.

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For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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