Transactions - MARCH 24, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Pembroke to buy San Francisco office for $332m

by Andrea Waitrovich

Pembroke Real Estate is in talks to acquire the office building located at 140 New Montgomery St. in San Francisco, also known as the Pacific Telephone Building.

Real Capital Analytics estimates the sales price to be $332.6 million. The sellers are Wilson Meany Sullivan and Stockbridge Capital Partners, which acquired the asset in 2007 for $117 million.

The 26-story office is 100 percent occupied. Major tenants include Yelp, Software AG, Knoll, Lumosity and Bloomberg.

The sale is the largest office acquisition thus far this year in the San Francisco market. Recently, Google paid $215 million for the Bayhill Office Center in San Bruno, Calif., and The Blackstone Group paid $203 million for the Gateway Business Park in South San Francisco.

Thus far this quarter, 61 office properties in San Francisco have been sold for a total of $2.6 billion. During 2015 the San Francisco market as whole saw transaction volume fall 5 percent year-over-year, wit

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?