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6/03/15
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New York-based Tishman Speyer closed on a major office buy in San Francisco, purchasing the 19-story, 290k sf high-rise located at 160 Spear Street, in the city’s South Financial District. The property was sold by Legacy Partners.
Industry sources estimate a deal value near $197 mil. That would give the asset a price tag around $675/sf.
The Class A property is strategically located in a supply-constricted submarket, one block from the Transbay Transit Center, Market Street and the Embarcadero waterfront. It is close to major transportation options including BART (Bay Area Rapid Transit), Caltrain, bus and streetcar services, and access to major highways.
At the time of sale, the tower was 95 percent leased with tenants that include The Regents of the University of California, Workday, Conversant, and the GSA on behalf of the Social Security Administration.
“The San Francisco office market continues to be one of the world’s strongest and the Spear Street corridor in the South Financial District has emerged as an office, retail and residential location of choice,” said Tishman Speyer Senior Managing Director Carl Shannon.
“Accordingly, we are pleased to expand our footprint as a major commercial landlord here with this well-located property. We intend to upgrade the lobby and plaza, and to operate 160 Spear according to Tishman Speyer’s world-class standards.”
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