San Francisco - Orrick’s real estate group advised on five transactions that recently received 2011 Real Estate Deal of the Year awards by The San Francisco Business Times and The Silicon Valley/San Jose Business Journal. The awards recognize some of the Bay Area's largest and most complex commercial real estate transactions of the year.
The San Francisco Business Times awarded Northern California Industrial Portfolio Inc.—a subsidiary of RREEF America REIT II Corp.—the "Best Industrial" deal award for the sale of its 5.3-million-square-foot industrial portfolio to PS Business Parks for $520 million. Orrick and RREEF advised Northern California Industrial Portfolio on the transaction consisting of 26 industrial parks located in the East and South Bays.
"This was one of the largest real estate transactions in the country in 2011," said San Francisco real estate partner Mike Liever, who led the team. "To close this large and complex of a transaction in less than 60 days in the fourth quarter of last year is a testament to the persistence and expertise of our real estate group and the strength of the Northern California market."
Orrick's client, Nob Hill Properties, received a Hotel Real Estate Deal of the Year award for the sale of San Francisco's landmark Huntington Hotel as well as the La Playa Hotel in Carmel, California. The sale of the Huntington Hotel was one of the highest-priced hotel sales per room in the nation in 2011. San Francisco real estate partners Mike Liever and M.J. Pritchett led this transaction.
Also recognized was Orrick client Swift Realty Partners. Swift Realty won the Suburban Office Project award for the sale/leaseback of Bank of America's Concord, California, campus and the Bargain Deal of the Year award for its purchase of Tower Plaza in San Mateo, California.
Swift Realty's $88 million purchase of Bank of America's 1.1-million-square-foot office campus, presented unique legal challenges involving a substantial leaseback to Bank of America and the transition of the project from a single owner and tenant to a multi-tenant, potentially multi-owner project.
"After several years of a depressed real estate market, 2011 marked the beginning of an aggressive turnaround in the Bay Area," said San Francisco real estate partner Bill Murray. "This project is an example of the significant activity that we have seen in Bay Area office parks."
San Francisco real estate partners Bill Murray and M.J. Pritchett led this transaction.
Orrick also advised Swift Realty in its $15.4-million purchase of Tower Plaza. Seven months in the making, the deal completed the purchase of the 12-story, 200,000-square-foot commercial office building and four adjacent buildings for a mere $77 per square foot.
San Francisco real estate partner Bill Murray led this transaction.
Additionally, The Silicon Valley/San Jose Business Journal recognized the acquisition of Facebook's headquarters campus as the 2011 South Bay Deal of the Year.
For this transaction, Orrick represented an institutional investor and its advisor, RREEF, in the investor's acquisition and financing of Sun Microsystems' former one-million-square-foot square foot campus comprised of nine-buildings in Menlo Park, California. The seller was Oracle and the lender was Wells Fargo. Facebook leased the entire campus from Orrick’s client and relocated its headquarters to the campus. San Francisco real estate partner Mike Liever led this transaction.
In 2011, Orrick's international real estate group was also recognized by Chambers as a leader in five markets, and 13 partners were named as leaders in the industry. The group has also been recognized by Legal 500, PLC Which Lawyer, and JUVE, and it ranks among the “Best Law Firms” in San Francisco for real estate law according to U.S. News & World Report.