Principal sells SF office tower for $185m
Principal Real Estate Investors has sold an office tower in San Francisco to Walnut Hill Group, a San Francisco–based real estate investor, for $185 million, according to news sources. No official statement has been issued.
The property is an 18-story, 264,492-square-foot office tower located at 150 Spear St. in San Francisco’s South Financial District. Principal had first acquired the office tower in December 2007 for $142.5 million.Principal has sold the office building after nearly 10 years of ownership on behalf of its core U.S. open-ended commingled fund, according to news sources. The firm is planning to sell more office buildings out of the commingled fund during 2017.
The San Francisco investment market continues to reign as one of the strongest markets in the country, according to Colliers International. Investment sales volume continued at a solid pace during the fourth quarter, with 13 office sales transactions closing for a combined value of more than $