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7/21/15
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In news of a pending San Francisco office sale, Chicago-based LaSalle Investment Management is reportedly buying the 133k sf building at 450 Sansome Street from Cornerstone Real Estate Advisors. The deal is said to have a price tag of $89 mil, or $670/sf.
Originally constructed in 1965 and renovated in 2008, the high-rise is situated within the city’s North Financial District area, roughly five blocks from Market Street and The Embarcadero. The 17-story building is fully occupied by Umpqua Bank, which moved its local offices to the building’s 13th floor in January of 2014, SillaJen Biotherapeutics and others. It also contains just over 4k sf of ground-floor retail.
Cornerstone Real Estate Advisors, based out of Hartford, CT, had acquired the asset in early 2013 for about $51 mil. The firm purchased the building for a commingled fund that is now in the process of being liquidated.
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