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Paramount Completes $227M Acquisition of Historic San Francisco Building

New York-based Paramount Group, Inc. acquired 111 Sutter Street, an historic 22-story office property in San Francisco from Chicago-based JLL Income Property Trust for $227 million. The 293,000-square-foot, architecturally significant building is in the North Financial District, one block from the Market Street corridor.

A joint venture partner was brought in to acquire 51% of the equity interest, though Paramount will manage and lease the roughly 70% leased asset. The JV completed a $138.2 million financing. The four-year loan is interest only at LIBOR, plus 215 basis points with three one-year extension options.

Paramount’s Albert Behler says, “We plan to leverage our position as one of San Francisco’s largest landlords to meaningfully increase the building’s net operating income. In addition to the existing vacancy, approximately 50% of the currently occupied office space is scheduled to expire through 2021, providing us a tremendous opportunity to create value for our shareholders as we proactively manage and lease the asset.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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