NEW YORK, Aug. 16 (UPI) -- Morgan Stanley Real Estate's Prime Property Fund of New York Monday acquired Hills Plaza on the San Francisco waterfront for $197 million.
Morgan Stanley Real Estate's Prime Property Fund acquired the property from a fund managed by Shorenstein Co., a San Francisco-based real estate investment management company.
The 600,000-square-foot office property is 98.5 percent leased with minimal turnover through 2010 and serves as the corporate headquarters for two national retailers.
Hills Plaza is a two-building office property including 345 Spear Street, built in 1989, and 2 Harrison Street, built in 1925 as the original Hills Brothers Coffee factory. The 2 Harrison Street building is a national landmark that has been preserved and was completely renovated in 1989.
Prime Property Fund, established in 1973, is managed by Morgan Stanley Real Estate.
