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MEPT Announces the Acquisition of 475 Sansome Street in San Francisco, CA

WASHINGTON, Dec. 11, 2012 /PRNewswire/ -- Multi-Employer Property Trust (MEPT) (www.mept.com) and Bentall Kennedy, real estate advisor to MEPT, announce the Fund's recent purchase of 475 Sansome Street, a 21-story, 353,269 square foot, office tower in downtown San Francisco, California. The transaction was brokered by the San Francisco office of Holiday Fenoglio Fowler (HFF).

"On behalf of MEPT, we have strategically focused on acquiring a select number of high-quality CBD office buildings in U.S. primary markets over the past eighteen months. 475 Sansome Street was particularly appealing since it is in a market with high barriers to entry, supply constraints and solid fundamentals driven by a diverse economic base. We believe market conditions in San Francisco suggest that office rents in the North Financial District submarket will continue to improve over the next few years," noted David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. "Furthermore, 475 Sansome's sustainable features and energy-efficient operations are a complement to MEPT's existing office portfolio and consistent with the Fund's global leadership in environmental performance."

475 Sansome Street is more than 90% leased to tenants with strong credit quality, including high-profile technology companies and national and regional professional services firms.  The property is attractive to tenants due to its convenient location, large and efficient floor plates, and above-average parking. 475 Sansome was awarded the Leadership in Energy and Environmental Design for Existing Buildings (LEED®-EB) Gold certification in 2010 by the U.S. Green Building Council® (USGBC) and has the E.P.A.'s ENERGY STAR designation.  The location of the property is at the corner of Sansome Street and Clay Street in the North Financial District, which is immediately adjacent to the landmark Transamerica Pyramid Center, and two blocks from Embarcadero Center. 

"With the acquisition of 475 Sansome, MEPT has successfully made investments of approximately $2.5 billion over the last three years to further its strategic plan," stated Jim Howard, Senior Vice President, Acquisitions, Bentall Kennedy. "We continue to seek attractive investment opportunities for the Fund.  Our focus remains on identifying  high-quality CBD office properties, grocery-anchored retail centers in urban infill or established suburban neighborhoods, and multi-family assets in urban markets serving the Echo-Boom generation."

About MEPT

MEPT is a $5.6 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 30 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by approximately 360 multi-employer, public employee and corporate pension plans. MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and is one of the largest U.S. real estate funds that is signatory to the UN Principals for Responsible Investment (UN PRI) and the top-ranked diversified fund in the U.S. for sustainability and environmental performance by the Global Real Estate Sustainability Benchmark (GRESB). Please visit www.mept.com to learn more.

MEPT is managed by NewTower Trust Company which serves as trustee, fiduciary and investment manager. Bentall Kennedy serves as the real estate investment advisor. Landon Butler & Company, LP® provides investor relations services.

About Bentall Kennedy

Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients across 140 million square feet of office, retail, industrial, residential and hotel properties totaling $29.8 billion throughout North America. Bentall Kennedy has a 100-year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing. Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership. For more information, please visit www.bentallkennedy.com.

Contact:

Pamela Silberman, SVP, Landon Butler & Company, MEPT Investor Relations/Media
psilberman@lbutler.com
Phone: 202-737-8824

Forward looking statements are subject to change due to market conditions or investment strategy execution, and past performance is not indicative of future results. Any assumptions should not be construed to be indicative of the actual events that will occur

SOURCE Multi-Employer Property Trust

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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