Paramount Group purchases San Francisco office for $512m

Paramount Group has agreed to acquire 1 Front St. in San Francisco from the Florida State Board of Administration for $521 million, according to a statement. The sale is expected to close by the end of the year.

The 651,000-square-foot office building is currently 99.4 percent leased. The 38-story property is located in the heart of San Francisco’s central business district, two blocks from the Transbay Transit Center, which is expected to be completed in late 2017 and will accommodate up to 45 million passengers per year.

Paramount’s other San Francisco assets include 50 Beale St. and One Mark