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2/19/19
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Clarion Partners, out of NY, has agreed to buy a 76.5k sf office building in San Francisco in a deal said to be worth around $86 mil ($1,130/sf), according to industry sources. It is being sold by Zurich Alternative Asset Management, also out of NY.
The four-story building, constructed in 1912, is located at 410 Townshend St, south of Market St near Mission Bay. It is situated close to Caltrain and the new Central Subway line.
Zurich acquired the building in late 2013 for about $49 mil. The property, which has been converted to open office space under Zurich’s ownership, is fully leased. Adobe is the building’s biggest tenant, leasing 63% of the property, although some of that space has since been subleased.
Seth Siegel, Ryan Venezia and Adam Lasoff with Cushman & Wakefield have the sales listing on behalf of Zurich, which acts as an advisor for a large insurance entity.
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