Beacon acquires two tech-oriented assets in San Francisco
The $234 billion California State Teachers’ Retirement System has purchased a class A, 263,000-square-foot office property in San Francisco’s financial district for approximately $191.5 million.
CalSTRS confirmed the purchase, which was acquired through a joint partnership with Boston-based Beacon Capital Partners, but a pension fund representative could not comment on other details regarding the transaction. Beacon Capital could not be reached for comment at the time of publication.
The 25-story building is located at 655 Montgomery St. and houses tenants such as WeWork, Telmate and Redfin Corp., according to Black Creek Group, the parent company of seller Black Creek Diversified Property Fund, an open-end NAV REIT managed by Black Creek Group. The REIT, which invests in offices, retail, industrial and multifamily housing, acquired 655 Montgomery St. in November 2013 for approximately $109.7 million.
In other news, online game developer Zynga has agreed to