Real Estate Team Closes Two Trophy Asset Acquisitions in Gateway Cities

November.21.2019

Orrick recently represented Tokyo-based Shimizu Corporation on its inaugural NY office investment – the $147 million acquisition of the Albano Building, a high-rise office tower in Manhattan from the Vanbarton Group.

We also recently advised Tokyo Trust Capital on the $131 million purchase of One Tehama from CIM Group. This Class A creative office building is located in San Francisco’s South Financial District and is the highest per square foot office sale in San Francisco history to date. Built in 1929, the building is on the California Historic Register and was designated by the San Francisco Planning Department as a Category 1 (Significant) Historic Structure. It is fully leased to SoFi and serves as its corporate headquarters.

“Our real estate team was proud to advise Shimizu Corporation and Tokyo Trust Capital on these high-profile and complex transactions, both of which involve trophy assets in gateway cities, sophisticated sellers and high-quality tenants,” said Michael Haworth, who led the Orrick teams on both transactions. Alykhan Shivji, James Tian, David Burkhart and Kendall Russ also advised on the Albano acquisition, while Hiroshi Sarumida, one of the relationship partners for Shimizu, consulted on the corporate aspects, and Nicole Walsh advised on the construction elements of this transaction. Ronny Clausner and David Burkhart assisted with the One Tehama acquisition.