Kuwait — GSH announced today the joint venture acquisition of one of the few remaining downtown San Francisco high-rise office and residential development sites. The Property is strategically located in the South Financial District which has experienced dramatic growth recently, with a number of office and residential towers having been recently completed or currently under construction.

Developments within a block of the property include the construction of a 1.15 million square foot, 60-story condominium project and a 400,000 square foot office building at Foundry Square, to be pre-leased to Barclays Bank. Other tenants in the immediate area include Charles Schwab, Gymboree and Orrick, Herrington & Sutcliffe.

In addition, the Property is within a variety of neighborhood amenities and it will be a primary beneficiary of the adjacent $3.4 billion Transbay Terminal Project. "We are very excited about this project. We were attracted to the asset because it offered our investors an exceptional opportunity to invest in the premier office market in the West Coast at a projected return level that exceeds most development projects. This combined with our partner's high level of experience in the Bay Area allowed us to place the investment in a record time" said Fahed Boodai, CEO of GSH. He added "We are thrilled to be, in some way, part of the visionary plan to redevelop the area around Transbay Terminal".