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San Francisco Headquarter Building Sold

September 13, 1987

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.

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