Paramount Group pays $408m for San Francisco office

Paramount Group has entered into an agreement to acquire 55 Second St., a 387,000-square-foot trophy office building located in San Francisco’s South Financial District, for approximately $408 million, or $1,054 per square foot.

“The acquisition of 55 Second Street enables us, once again, to recycle capital opportunistically from Washington, D.C., into one of San Francisco’s most desirable corridors,” stated Albert Behler, chairman, CEO and president. “With its modern construction, highly efficient floorplates, rich amenity base and proximity to the Transbay terminal, we see tremendous opportunity to fill existing vacancy as well as proactively manage renewals and any potential rollover in a building where in-place office rents are well below market.”

Developed in 2002, 55 Second St.  sits in the highly desirabl