CBREGI buys office in San Francisco

CBRE Global Investors has acquired the Townsend Building in San Francisco. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States.

The sales price was not disclosed.

The seller of the 137,624-square-foot office was Manchester Capital, which acquired the property in 2003.

“We believe that the SoMa neighborhood in San Francisco is well-positioned for long-term growth due to its superior accessibility,” said Gary Jaye, senior managing director and head of commercial acquisitions for CBRE Global Investors. “San Francisco is considered by many as the financial capital of the west coast. We believe the city benefits from strong-performing submarkets – thanks in part to new-economy tenants – and world-class education, healthcare and cultural institutions. 123 Townsend Street is ideally situation within the city, affording excellent walkability and easy access to the area’s major freeways, I-80 an