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1/06/22
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PRP has sold 350 Rhode Island Street, a 127.1k sf office building in San Francisco, in two separate transactions totaling $182.5 mil. The property, leased to the City and County of San Francisco, was originally acquired for $134.25 mil in November of 2019.
Photo: Hawkeye Photography / JLL |
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As part of the exit, PRP bifurcated the land and the improvements, selling the Fee Simple position to Safehold Inc for $64.5 mil, while selling the Leasehold to a venture of Lincoln Property Company and Korea Asset Investment Management for $118 mil.
Originally built in 2002, the property was redeveloped in 2018 for the City’s tenancy. The San Francisco District Attorney’s Office is headquartered in the building. The City of San Francisco leases 350 Rhode Island Street through 2033. Located in the premier SoMa submarket with close proximity to world-renowned technology firms including Uber, Airbnb, Dropbox, PayPal and Zynga, the property is walking distance to public transit options including BART, CalTrain, and Muni Metro.
The deals work out to a price of $1,436/sf. Both sales occurred simultaneously. PRP was represented in the leasehold sale by the San Francisco office of JLL, while PRP worked directly with Safehold.
“By structuring and executing a highly complex deal involving two separate negotiations and sales that were required to occur concurrently by December 31st of 2021, PRP was able to maximize the value of the asset through the bifurcation process at disposition. We are not aware of another owner that has successfully undertaken such a complicated effort at the sale of an asset,” stated Paul Dougherty, President of PRP.
PRP was represented in the leasehold sale by the San Francisco office of JLL, while PRP worked directly with Safehold.
Originally built in 2002, the property was redeveloped in 2018 for the City’s tenancy. The San Francisco District Attorney’s Office is headquartered in the building. The City of San Francisco leases 350 Rhode Island Street through 2033. Located in the premier SoMa submarket with close proximity to world-renowned technology firms including Uber, Airbnb, Dropbox, PayPal and Zynga, the property is walking distance to public transit options including BART, CalTrain, and Muni Metro.
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