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CALIFORNIA: News and Insight on Business in the Golden
State | THE STATE: COMMERCIAL REAL ESTATE

S.F. Complex Reportedly Draws $1-Billion Bids

January 30, 1998|Bloomberg News

San Francisco's Embarcadero Center office and retail complex, known as the Rockefeller Center of the West, has drawn bids of about $1 billion from more than a dozen potential buyers, according to people familiar with the situation. Some of those looking to buy the 3.4-million-square-foot complex from Prudential Insurance Co. of America and David Rockefeller & Associates include billionaire financier Sam Zell's Equity Office Properties Trust, Menlo Park-based Spieker Properties Inc. and Canada's TrizecHahn Corp. Officials at the companies either declined to comment or were unavailable. The bidding is only in the early stages and the final price tag could be well over $1 billion, the sources said. Embarcadero Center would be the latest trophy property to change hands in recent months. In December, TrizecHahn bought control of Chicago's Sears Tower.

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