TH Real Estate acquires San Francisco office building

TH Real Estate has acquired an office building in San Francisco’s North Financial District in a joint venture with Emeryville, Calif.–based Harvest Properties.

The purchase price was not announced; however, news sources report the 85,000-square-foot, 12-story property at 400 Montgomery St.was sold for approximately $50 million, or around $588 per square foot.

“In addition to the upside potential offered by this particular asset, we continue to find San Francisco attractive due to a low vacancy rate, healthy job creation and ongoing supply constraints,” said Rich Kimble, senior director and head of the Northwest region for TH Real Estate. TH Real Estate, an operating division of TIAA Global Asset Management, is one of the largest real estate investment managers in the world with $97 billion in assets under management, as of Sept. 30.

The San Francisco office market has stayed healthy during the third quarter due to more stable m