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Pacific Real Estate Group 3332 Spectrum, Irvine, CA 92618 www.pacificrealestategroup.com
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3332 Spectrum, Irvine CA 92618
Cyrus Neek
SVP | Director of Acquisitions
T: 949-502-8888
F: 949-851-1122
Letter of Intent / Offer to Purchase
April 14, 2010
Mr. Kevin Shannon
CB Richard Ellis
990 W 190th Street, Suite 100
Torrance, CA 90502
Re: San Francisco Civic Center, 350 McAllister Street & 455 Golden Gate Avenue
San Francisco, California
Dear Mr. Shannon:
The purpose of this Letter of Intent is to set forth the general terms and conditions under which
Pacific Real Estate Group, a commercial real estate investment focus fund and/or assignee is
interested in buying the above referenced property. The Buyer and Seller agree that the terms set
forth below are not all of the material terms that need to be agreed to by them. There are
additional material terms that the parties will negotiate as they complete the Purchase Agreement
and Escrow Instructions. If the terms below stated are acceptable, it is our intention to negotiate
the remaining material terms and complete a Purchase and Sale Agreement and Escrow
Instructions within two (2) days of the date this Letter of Intent is ratified by the parties.
Purchase Price: $275,000,000 (two hundred seventy five million dollars)
Earnest Deposit: $1,500,000 (one million five hundred thousand dollars)
Down Payment: As needed by the lender
Contingencies:
Due Diligence (40 days): Buyer shall, following the execution of a formal Purchase
Agreement and Escrow Instructions, and buyer’s receipt of all books and records for the
subject property conduct its due diligence and express approval with respect to the
acquisition of the property. The following items will be made available to the buyer:
A) Phase I & II Environmental Reports (if any)
B) Preliminary Title Report
C) Seller’s Mandatory Disclosure forms and documents.