SF’s Biggest Resident Gets New Owner
Vornado Realty Trust of Paramus NJ has completed a deal to take a majority interest in the 1.8 million sq ft bldg at 555 California, aka The Bank of America Center.
In an announced deal worth $1.8 billion, the new investors get a 70 percent interest in both the SF tower and Manhattan’s 1290 Avenue of the Americas, a 2 million sq ft property. The deal is expected to close by May 15, 2007.
Built in 1969, 555 Cal is SF’s largest office bldg, and 2nd tallest tower at 779 ft. (less than 75 feet shy of the 48 story Transamerica Pyramid at 853 ft which was added to the skyline in 1972.)
The SF structure, whose current deal estimates it’s value @ $575 per sq ft, had just sold last year for $1.05 Billion all by itself (approx $589 a sq ft), when property magnate Walter Shorenstein sold it to Henry Cheng and Vincent Lo’s Hong Kong based Hudson Waterfront Associates, a record for a city property. Apparently the Hong Kong investors wanted to ditch any potential liabilities in a litigation they have ongoing with Donald Trump, and doing this deal help clears them of that as Vornado has agreed to indemnify the sellers.
Before 2005, 555 California had been Bank of America’s World HQ, but that status ended when NC based NationsBank ate up A.P Giannini’s west coast banking legacy and kept the B of A name, but made the main HQ in Charlotte.
For lookee loos, the 52nd floor features the popular Carnelian Room, a hang for well to do bankers, brokers, lawyers and tourists checking out wide sweeping views from what was once the tallest structure west of the Mississippi, but now only the 5th Tallest Bldg on the west coast, yet still pretty impressive. For those afraid of heights and the tab for “fine dining”, the ground floor also features a Starbucks.
Related posts:
I don’t know why this building gets so much hate from sf residents. It is one of my favorites and very artistic for an office building. I love the granite look and the chameleon affect during sun rise and sunset.
i agree with tyler82 - this is a classic office building with detailing that surpasses most towers in its day and age. SF needed a strong, masculine tower and BofA suits that role nicely.
Entercom moving into the SF Tower?
“KZBR/KMAX 95.7 The Wolf was unveiled March 1 as young country. The offices are controlled by Bonneville and Entercom and are set purchase space inside the SF towers. Mahalick programmed “The Wolf” in Seattle for Entercom and has been switching stations since. Mahalick has hopes to take over the market with this station and has been in negotiations with DJ’s from across the country including The Bobby Bones Show (Austin, Texas), Kane (Washington, DC), Connie and Fish (Madison, WI) and The Morning Freak Show (Pittsburgh, PA). The formula is a personality driven, Top 40 presentation aimed at listeners ages 25-44, leaning “a bit more towards women”. Mahalick hopes to have a DJ staff in place by April.”
While I am no fan of country music and the lack of imagination behind it, it’s great to see diversity in the music and arts scene.