San Francisco office buildings change hands
Beacon Capital Partners has sold 221 Main St., an office building in San Francisco, for $228 million, $630 per square foot. The buyer of the 16-story office building was Columbia Property Trust.
The purchase price includes the Columbia’s assumption of a $73.0 million interest-only loan secured by the property that matures in May 2017 and bears interest at 3.95 percent. The $155.8 million cash portion of the purchase price was funded from Columbia’s $500 million unsecured credit facility and cash on hand. The acquisition is expected to increase Columbia’s leverage (based on debt to gross real estate assets) from 29.3 percent at the end of the first quarter to approximately 31.5 percent.
Beacon acquired the LEED Platinum class A office tower in 2011 for $128 million and invested $22 million in improvements.