TIAA-CREF acquires San Francisco office asset for $312m
TIAA-CREF is under contract to purchase the office property located at 888 Brannan St. in San Francisco from Beacon Capital Partners. The sales price is estimated to be $312 million, according to Real Capital Analytics.
Beacon Capital Partners, on behalf of its Beacon Capital Strategic Partners VI, acquired the 425,000-square-foot office building in 2014 for $188 million.
888 Brannan is located within the SoMa West submarket in San Francisco. The five-story office building is 97 percent occupied, and major tenants include AirBnb, which occupies 170,000 square feet of the office, SAP, Pinterest and Aechelon Technologies.
According to RCA, this is Beacon Capital Partners’ first San Francisco office asset sold this year. Recently, the firm sold the 10–20 Channel Center in Boston for $100 million, the office property located at 410 17th St. in Denver for $127 million and the Columbia Center in Seattle for $725 million.
The San Fr