Jones Lang LaSalle Income Property Trust acquires remaining interest in 111 Sutter Street
Jones Lang LaSalle Income Property Trust (JLLIPT), a non-listed, daily valuation, perpetual life real estate investment trust, has acquired the remaining interest in the entity owning 111 Sutter Street.
JLLIPT acquired the interest from an affiliate of Ellis Partners, one of Northern California’s largest commercial developers and investors.
111 Sutter Street is a historically significant, multi-tenant office building in the North Financial District of San Francisco, California. This landmark building was erected in 1926, renovated in 2001 and has been jointly owned by JLLIPT and Ellis Partners since 2005. The 286,000 square foot building is currently 98 per cent leased to a broad mix of high quality tenants including financial services, legal and technology firms.
111 Sutter is LEED-certified and carries a “Category I” designation as a Historically Significant Building and is listed on the National Register of Historic Places.
Allan Swaringen, managing director of LaSalle Investment Management and president and chief executive of JLLIPT, says: “Expanding our current ownership interest in 111 Sutter, which has performed well within our portfolio since first acquired in partnership with Ellis Partners, is strategic as we look to grow our diversified holdings of core, income-oriented real estate across all four of our primary investment targets – office, retail, industrial and apartments.
“Ellis Partners has been a fantastic partner and we look forward to continuing our relationship with them both as a tenant in the building and as a consultant to our management team on the leasing and marketing strategy at this iconic property.
“This investment is particularly well aligned with JLLIPT’s investment objectives: to seek current income and long-term capital appreciation from carefully selected commercial real estate investments.”