San Francisco office investment activity totaled $4.9 billion year-to-date, well ahead of last year’s figure of $1.7 billion, according to Cushman & Wakefield.
There have been 18 transactions totaling 6 million square feet that have closed citywide with an average price of $740 per square foot.
The largest transaction of the third quarter was the sale of Levi’s Plaza with Jamestown purchasing the complex for $887 per square foot or $826 million. Meanwhile, co-working giant WeWork acquired its first class A office building in San Francisco, 600 California Street for approximately $912 per square foot or $331 million. Strong leasing fundamentals and buyer demand are expected to continue through the end of this year with a number of pending transactions likely to close above $1,000 per square foot.
A total of 2.4 million square feet was under construction at the end of the third quart
