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BUSINESS
August 17, 2004 | From Bloomberg News
Morgan Stanley said Monday that its Prime Property Fund unit paid $197 million for two buildings on San Francisco's waterfront that serve as the corporate headquarters for Gap Inc., the biggest U.S. clothing-store chain, and retailer Sharper Image Corp. The 600,000-square-foot property, called Hills Plaza, is 98.5% leased and was bought from San Francisco-based Shorenstein Co., a closely held real estate investor and manager, New York-based Morgan Stanley said. The buildings are at 345 Spear St.
NEWS
March 14, 2002 | From Associated Press
A judge Wednesday ordered the preservation of all evidence and records involving the deadly scaffolding collapse at the John Hancock Center building so the materials can be examined by investigators for the victims' families. Attorney Robert Clifford sought the emergency motion as he filed a lawsuit on behalf of the families of two women killed Saturday when their cars were crushed by a 3,000-pound section of scaffolding that fell from the 42nd floor.
BUSINESS
April 17, 2001 | From Bloomberg News
Bank of America Corp. and its partner have decided not to sell Bank of America Center in San Francisco after offers fell short of the expected price tag of more than $800 million, newspapers reported. The bank and its partner, Shorenstein Co., received final bids for the 52-story tower at the end of March, the San Francisco Chronicle and San Francisco Business Times said.
CALIFORNIA | LOCAL
June 5, 1999
A seven-member commission has reached the critical stage in converting the historic San Francisco Presidio into a self-supporting national park. How well the Presidio Trust does its job will determine whether the 1,480-acre former Army base remains a sylvan haven at the northern tip of San Francisco or ultimately is sold for total commercial development.
BUSINESS
March 12, 2003 | From Bloomberg News
San Francisco office rents have fallen to 1992 levels when adjusted for inflation, a more precipitous drop than just a return to pre-Internet boom days, property broker Cushman & Wakefield said Tuesday. The rent for top-tier office space downtown is $30.84 a square foot, little changed from the $30.88 of 11 years ago when expressed in today's dollars, Cushman said. Included in the numbers are property taxes and expenses involved in the operating of properties, such as utilities and maintenance.
BUSINESS
August 28, 2001 | ELIZABETH HAYES, BLOOMBERG NEWS
Shorenstein Co., owner of San Francisco's Bank of America Center and Chicago's Prudential Plaza, raised a $600-million fund to add to its office holdings on the expectation that rents and occupancy rates will rebound. The fund, the San Francisco-based company's sixth, will allow Shorenstein to buy $1.7 billion worth of downtown and suburban office buildings after U.S. office rents had their biggest drop in nine years in the second quarter, and the office vacancy rate rose to 10.
BUSINESS
November 6, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
With a recession on the horizon and property markets weakening, it would seem that most real estate investors would be running for cover. Not Douglas Shorenstein. Shorenstein and other so-called opportunistic U.S. real estate investors are raising cash and mobilizing teams of savvy analysts and negotiators to take advantage of the deals that are certain to pop up as the economy weakens. More than 20 major "opportunity" funds seeking to raise at least $6.
CALIFORNIA | LOCAL
June 26, 2010 | By Dennis McLellan, Los Angeles Times
Walter H. Shorenstein, known as a titan of downtown San Francisco real estate development and a highly influential Democratic Party donor and fundraiser, has died. He was 95. Shorenstein, former chairman and chief executive of the Shorenstein Co., died of natural causes Thursday at his home in San Francisco, said a family spokesperson. "He was a man of extraordinary vision, leadership and wisdom," House Speaker Nancy Pelosi (D-San Francisco) said in a statement, describing Shorenstein as "a proud San Franciscan, a great American and a dear friend."
NEWS
June 15, 1999 | MARIA L. La GANGA and MARY CURTIUS, TIMES STAFF WRITERS
Filmmaker George Lucas won the right Monday to build a large-scale commercial development in the Presidio, a storied former Army base turned national park and one of this city's most coveted pieces of real estate. After months of intensive lobbying, Lucasfilm's Letterman Digital Arts Ltd. beat out a combined residential and office complex that would have included an Internet-based technology company. The winner will redevelop the site where the abandoned Letterman Military Hospital stands.
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