Ultra-luxury condominium project located in heart of San Francisco’s South Financial District
New York, Chicago and Hong Kong – Paramount Group Residential Development Fund, LP (“Fund”), a controlled affiliate of Paramount Group, Inc. (NYSE: PGRE) (“Paramount”), today announced the sale of a majority interest in an ultra-luxury waterfront condominium project (“75 Howard”) in San Francisco to a new joint venture with JBC 75 Howard LLC, an affiliate of The John Buck Company (“JBC”) and SRE Group Ltd. (“SRE”).
75 Howard is prominently situated at the southwest corner of Howard Street and Steuart Street just off the Embarcadero in the heart of San Francisco’s burgeoning South Financial District. This unsurpassed location, with its proximity to all forms of public transportation, is within walking distance to many of San Francisco’s finest shopping venues, five-star hotels, world-renowned restaurants, and numerous recreational and cultural amenities.
Designed by leading architecture and engineering firm Skidmore, Owings & Merrill, 75 Howard will be a 20-story, 120-unit ultra-luxury condominium building that will redefine San Francisco living by offering unparalleled views of the San Francisco Bay and the Bay Bridge, best-in-class finishes and a top-of-the-line amenity package.
About The John Buck Company
Founded in 1981, JBC has an established track record and reputation as a premier, vertically-integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.7 billion of gross value and acquired, developed, or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties. To learn more about JBC, visit www.tjbc.com.
About Paramount Group Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants. To learn more about Paramount, visit http://www.paramount-group.com/.
About SRE Group Ltd.
SRE an integrated [publicly-traded] real estate developer based in Shanghai. The Company’s shares have been listed on The Stock Exchange of Hong Kong Limited since December 1999. SRE has been gradually expanding into foreign markets such as London, and 75 Howard represents its first investment in the United States. To learn more about SRE, visit http://www.sre.com.cn/.