Canada Pension Plan Investment Board makes Initial Investment in San Francisco

Posted on 24 January, 2015 by Jodee Redmond

The Canada Pension Plan Investment Board (CPPIB) has decided to make its first direct investment in San Francisco’s office market by purchasing a 45 per cent stake in 1455 Market St from Hudson Pacific Properties, Inc. The purchase price was reportedly $219.5 million.

Canada-Pension-Plan-Investment-Board-makes-Initial-Investment-in-San-Francisco

Hudson Pacific acquired the 1,025,833 sq ft office building in December 2010. The company will retain 55 per cent ownership, as well as General Partner status. Hudson Pacific will also continue to oversee management and leasing.

The owners intend to expand and reposition the ground-floor space in order to attract high-end retail and restaurant users this year.

Major Renovation Completed

Victor Coleman, Hudson’s chairman and CEO, stated in a press release that a major renovation has recently been completed at 1455 Market Street and that his firm has signed leases with leading technology companies.

Peter Ballon, the managing director and head of real estate investments Americas for CPPIB, said that his organisation looks forward to expanding its West Coast portfolio with Hudson.

He also stated that San Francisco is one of the leading office markets in the United States and is also a “key strategic market” for CPPIB.

He went on to say that 1455 Market Street is an attractive long-term investment and a solid choice for a first investment in the region’s office sector.

CPPIB Real Estate Assets

CPPIB is based in Toronto and invests in both public and private equities, infrastructure, real estate and fixed income instruments.

As of September 30, 2014, the Canada Pension Plan Fund totaled C$234.4 billion, with over $25 billion held in real estate assets.




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