Software company buys office tower for $640m
TIAA-CREF has sold the 41-story office tower at 50 Fremont St. in San Francisco to Salesforce for $640 million. The deal is expected to close in the first quarter of Salesforce’s fiscal year 2016.
The building is located at the intersection of Fremont and Mission streets in San Francisco’s South of Market district. TIAA-CREF purchased the property in 2004 for $322.9 million.
“We began investing in San Francisco’s South Financial District more than a decade ago with the purchase of 50 Fremont St.,” said Lynette Pineda, senior director, head of capital markets – sales, with TIAA-CREF Global Real Estate, in a statement. “The asset has performed well, yet we are constantly reviewing our holdings and rebalancing the port