Transactions - SEPTEMBER 11, 2014

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Paramount buys second S.F. office for $395m

by Andrea Waitrovich

Paramount Group has acquired 50 Beale St., a class A office building located in San Francisco’s South Financial District. The seller was a joint venture of Mitsubishi Estate New York and Rockefeller Group’s U.S. Premier Office Fund. The sales price was $395 million, or $596 per square foot.

The acquisition is Paramount’s second acquisition in the San Francisco market. Paramount was represented by Willkie Farr & Gallagher LLP on the acquisition. And Eastdil Secured represented the seller.

The building at 50 Beale St. was designed by Skidmore, Owings & Merrill and developed in 1968 by Bechtel Corp., which uses the office as its headquarters. The 23-story building consists of approximately 6

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