333 Bush St...Snapshot of the CRE Bust

Posted by Expert Gadget Reviewer on Thursday, 17 December 2009

333 Bush Street in San Francisco illustrates the ruthless efficiency of the marketplace at work, and provides us with a real-life snapshot of the CRE "bust" in action. The class "A" 34 story building in downtown San Francisco was purchased at the height of the commercial real estate bubble in 2007, by developer Hines and their joint venture partner, Sterling American Property.

333 Bush Street - San Francisco Ca.

After the bankruptcy of a major tenant in 2008, the the Hines ownership team slipped into default during the summer of 2009, and the building ultimately went into foreclosure in November of 2009.

On December 3, 2009 333 Bush Street was officially turned over to its lenders (Brookfield Properties), after an auction on the steps of the San Francisco City Hall produced no offers above the debt of the property. According to published reports from Globest.com, this "acquisition is Brookfield's first in the San Francisco Market; a stated goal of the company is to build a portfolio of assets in San Francisco..."

Start to finish - from initial default to new ownership in 6 months. Lets hope that all of the messy transactions heading our way move this fast. To read the complete article from globest.com click (HERE).