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Atlanta-based Invesco Real Estate had closed on The Piers mixed-use project in San Francisco located at Piers 1.5, 3 and 5 near the Ferry Building for $90.8 million, according to public records reviewed by The Registry. This amount puts the sale at a record per square foot price paid for an office building in San Francisco at $1,100. The previous record was the $970 per square feet that Pembroke Real Estate paid for 140 New Montgomery earlier this year.
The seller of The Piers is San Francisco-based Pacific Waterfront Partners. The listing agent on the sale is the San Francisco office of Eastdil Secured. Pacific Waterfront Partners did not respond to inquiries seeking comment for this story.
Invesco is planning to acquire the property for an off-shore separate account client, according to sources aware of the deal.
Read entire The Registry SF article here.