By Jon Peterson
San Francisco-based Clint Reilly Holdings is in the planning stages of being the new owner of the 164,405 square foot 235 Pine Street office building in San Francisco. The purchase price is projected to be $129 million, or $784 per square foot, as stated by sources familiar with the sale of the property. This transaction has not closed yet.
Clint Reilly Holdings declined to comment when contacted for this story.
The seller of the property is the Los Angeles-based CBRE Global Investors. It did not respond to phone calls seeking comment for this story, either. It had selected the San Francisco office of Eastdil Secured to be the listing agent on the sale. Eastdil also declined to comment for this story.
CBRE Investors has owned 235 Pine since October of 2014. The real estate investment manager had acquired the property for $88 million or $535 per square foot, according to sources that track the sale of office buildings in San Francisco.
CBRE Investors has increased the occupancy on 235 Pine from 57 percent a year ago up to nearly 90 percent presently; according to a property flyer from CBRE, only about 13,000 square feet across three suites is available for lease at the moment. The latest signings total 10,892 square feet of the property and are bringing in financial services and engineering companies to the space. The new tenants are Burns & McDonnell, Roof Eidam & Maycock and Axton Management. All three of these companies are expected to move into the property this month.
The leasing efforts on the property are managed by Meade Boutwell, senior vice president, and Sam Stein, associate. Both work out of CBRE’s San Francisco office.
The seller had completed a $15 million renovation on the office building last year. The upgrades that were completed included a 5-star conference center featuring tech-quipped conference rooms and collaborative areas, a modernized lobby, a secured bike rack and storage area, shower and locker facelifts and a recreation area with soft seating and a TV.
Clint Reilly Holdings is a private owner of approximately 346,000 square feet of office properties in San Francisco. Its flagship property, the Merchants Exchange, is 241,106 square feet. 340 Pine Street is 58,500 square feet, 360 Pine Street is 20,000 square feet, and 535 Pacific Avenue at 38,000 square feet. The company also owns and operates the Julia Morgan Ballroom and the Merchants Exchange Club, two private event facilities in the Merchants Exchange building. Credo restaurant, which the company also owns and operates, occupies the storefront of 360 Pine Street.