Wednesday, July 29, 2009

Jingle Mail, Jingle Mail, Hines Turns in More Keys...

Hines and Sterling are turning in their keys to 333 Bush in San Fran - another blow to that market.

"333 Bush is the third Northern California office property Hines has had to give back in recent weeks. Last week , Hines confirmed that a joint venture with CalPERS was doing the same thing with three of four buildings (814,000 square feet) within the Watergate Office Complex in Emeryville, CA. It also confirmed the loss of Marin Commons, a 455,000-square-foot office complex in San Rafael."

It's not in a CMBS.

You may recall some prior news on this building from late last year when a significant tenant (45% of GLA), Heller Ehrman, went bankrupt and ended up paying no more than $18 million on the $48 million due to the owner's of the building.

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