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1/21/10
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In a recent San Francisco office buy, a 126.1k sf Class A building at 49 Stevenson St sold for $24.2 mil, or about $192/sf. The buyer, Taiwan-based Pacific Resources Stevenson, purchased the property in an all-cash transaction from Invesco at approximately 40 percent below its current assessed value. The deal marks the first Class A office building sale to take place in San Francisco so far in 2010.
The 15-story building was completed in 1989 and is located in the heart of San Francisco’s financial district. It is currently occupied by multiple tenants, including M+W Zander and Hitachi Consulting, as well as retail tenant Yank Sing Restaurant.
Daniel Cressman, Michael Taquino and Kyle Kovac of Grubb & Ellis represented the buyer in the transaction.
“This transaction marks the beginning of offshore investors returning to the San Francisco office market after having sat on the sidelines for nearly 10 years,” said Cressman. “In addition, the downtown market is attracting more than 20 purchasers for each major property that comes to the market, resulting from the recent decrease in values that are predicted to continue through the first half of 2010.”
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