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 May 1, 2005 Gemstone Development Announces Sale of 225 Bush Street Sale of San Francisco Office Building Yields Strong Returns (Las Vegas, NV) - Gemstone Development announced today that the sale of 225 Bush St, an office building in downtown San Francisco, has been completed, generating a 17% IRR. Gemstone Development invested in the building through a partnership with Flynn Properties of San Francisco, California. The building, which was purchased in November of 2000 for $143.5 million, was sold to SEB Immobilien, a German investment fund, for $178.5 million, generating an IRR of 17.0%. "What’s pleasing about this transaction is how well we did considering the fact that the building was purchased at the height of the Internet boom and that the San Francisco office market has performed poorly since then," said Alexander Edelstein, Gemstone Development CEO. “Our bet that General Electric would assume the obligations of its NBC Internet subsidiary, while bold at the time, worked out well as the above-market NBC Internet lease was dutifully serviced, enabling the building to maintain a high occupancy rate.” Gemstone Development is an integrated investment and development company with operations in Real Estate and Private Equity investment. The company.is the developer of the Manhattan Condominiums project on Las Vegas Boulevard in Las Vegas (www.manhattanlv.com), which brings urban convenience, luxury and style to Las Vegas, but delivers it at a surprisingly affordable price point. It’s private equity investments have included Google, Shopping.Com and Inktomi and currently include Cloudmark, Tellme Networks, and the Broadway Production of “The 25th Avenue Putnam County Spelling Bee”. For more company information, visit the Gemstone Development website at www.gemstonedev.com or dial 702-614-3193. Contact: Gemstone Development 702.614 3193 Back to the News page |
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