Blackstone acquires San Francisco office property valued at $1.2b
The Blackstone Group is under contract to purchase a 49 percent partial interest One Market Plaza, an office property located in San Francisco. The transaction values the building at $823 per square foot, or approximately $1.2 billion.
The seller Paramount Group, on behalf of its Paramount Group Real Estate Fund III, acquired a 50 percent partial interest in 2007 that valued the building at $1.46 billion. Paramount acquired the remaining 50 percent interest in February 2014 from its partner Morgan Stanley Real Estate.
One Market Plaza is a complex of two office buildings totaling 1.6 million square feet at 1 Market St. along the San Francisco Embarcadero. It comprises the 42-story Spear Street Tower and the 27-story Steuart Street Tower. Tenants include One Market Restaurant, Autodeak, Del Monte, Fortress Investment Group and CAI International.