A joint venture with Tishman Speyer to acquire a 1.7 acre parcel of land located at 201 Folsom Street, San Francisco and then develop and construct a 655 unit residential luxury condominium project with 10,963 square feet of ground floor retail space and associated amenities, including a gym, pool, spa, children’s playroom, rooftop community space, private screening room and business and conference facilities. The venture will also acquire 1400 Mission Street, San Francisco and develop 190 affordable residential condominium units and 4,262 square feet of ground floor retail to serve as the off-site inclusionary below market rate project for 201 Folsom Street.
The Wall Street Journal recognized the USD620 million project as the “Deal of the Week” on February 20, 2013.
The transaction represents yet another example of the Allen & Overy teams’ ability to deliver seamless cross-border advice to clients on their highest-profile transactions.
The Allen & Overy team that worked on the transaction included: the U.S. team of Kevin O’Shea (Real Estate), Mitchell Silk (U.S./China issues), Lisa Hin (Real Estate) and Jillian Ashley (U.S./China issues) and the China team of: Ji Zou and Hua Wei.
Also assisting on certain U.S. tax, regulatory and related aspects of the transaction were Jack Heinberg (Tax), Brian Schultz (Tax), Henry Morgenbesser (ERISA) and Maria Christopher Bell (Environmental).
