Your Commercial Real Estate Source in the San Francisco Bay Area
A subsidiary of the Hines U.S. Core Office Fund LP closed the sale of 101 Second Street. Financial terms of the deal were not disclosed, but the price has been reported at just under $300 million – the highest dollar amount and price per square foot paid for a single San Francisco office property in over a year.
“Although we’re very proud of the building and the performance we’ve been able to achieve for our investors at 101 Second Street, we have decided that this is a good time to sell the asset,” said Ken Jett, managing director with Hines’ Core Fund, which acquired the building in 2004 for $140.6 million, or $362 per square foot.
The South Financial District has improved significantly over the past 10 years, and “I expect that it will continue to improve for the new owners of the building,” said George Clever, senior managing director in Hines’ West Region.
Invesco Real Estate’s parent, Atlanta-based investment manager Invesco Ltd., had $767.3 billion of assets under management as of Nov. 3.