Cadillac Fairview U. S. Inc. and Daon Corp. have sold a jointly owned office building at 444 Market St., San Francisco, to two public limited partnerships sponsored by Merrill Lynch Hubbard Inc. for $140 million.
Martin Seaton, president of Los Angeles-based Cadillac Fairview U. S. Western Region Inc., said that the 605,000-square-foot building had been 50% owned and managed by a wholly owned subsidiary of Cadillac Fairview U. S. Inc. and 50% was held by Daon Corp., its development partner. Cadillac Fairview sold the stock of its subsidiary, while Daon sold its partnership interest, he added.
Cadillac Fairview U. S. Inc. is a wholly owned subsidiary of Cadillac Fairview Corp. of Toronto. Daon Corp. is a wholly owned subsidiary of Daon Development Corp. of Vancouver.