One Bush Street, a 20-story, 340,000-square-foot San Francisco "plaza skyscraper" that is the current headquarters of Crown Zellerbach, has been sold for $60 million in cash to two pooled investment accounts managed by Equitable Real Estate Investment Management Inc.
The seller was an affiliate of industrialist Sir James Goldsmith; the transaction was arranged by the San Francisco office of London-based Jones Lang Wootton.
The buyer plans a "complete enhancement program" of the 1959-vintage building as soon as Crown Zellerbach relocates its offices to Oakland by the end of the year. One Bush Plaza is a designated city landmark.
Occupying a city block bounded by Market, Bush, Sansome and Battery streets, the complex was designed by Skidmore Owings & Merrill and Herzka & Knowles. It includes a 225-car garage, a landscaped street plaza and a one-story circular retail pavilion.