Mortimer Zuckerman’s Boston Properties Inc. won the high-stakes contest Tuesday for San Francisco’s huge Embarcadero Center office and retail complex, agreeing to pay $1.22 billion for one of the West Coast’s premier properties.
David Rockefeller and Prudential Insurance Co. of America sold the center–which combines four office towers and shopping-center space in the financial district–for about 20 percent more than the going rate for comparable properties in the city.
The purchase extends a year-long buying spree by Boston Properties, and marks its first venture into the West Coast office markets. The company vied with about two dozen bidders before beating rival Equity Office Properties Trust, headed by Chicago billionaire Sam Zell.
Meanwhile, the so-called crown jewel of San Francisco real estate–a weed-choked 1.1-acre vacant lot with a spectacular view of the Golden Gate Bridge–was sold at auction Tuesday by the local school district to a local developer for a record-breaking $13.65 million.
Rumors had been circulating that a number of celebrity buyers were interested, including actors Don Johnson and Nicolas Cage.
The winner, however, was Mitch Menaged, owner of Historic San Francisco Homes, which has developed about 100 area homes valued at $1 million to $6 million each.
