(EDITOR’S NOTE: The sale price was $38 million, or roughly $844 per square foot, according to sources familair with the transaction. The property had last been sold in February 2014 for $22.3 million, as stated in public documents. The buyer was Polidev Investments, a Turkey-based investment company. Its other assets in San Francisco include 351 California. 322 Pine is an eight-story office building. There will be two floors that will be become available for lease at the end of this year. Occcupancy right now is 100 percent.)
Lincoln Property Company, led by Lincoln’s LPC West team in San Francisco, has partnered with affiliates of Rockwood Capital, LLC to purchase 332 Pine Street, a historic office building in San Francisco’s financial district. The nine-story office building includes a penthouse and rooftop terrace, and is occupied by a variety of technology and media tenants.
Built in 1912, the building comprises more than 45,000 square feet, featuring open floor plans, side-core construction, high ceilings, and exposed concrete and brick.
“The building’s historic architecture, along with its proximity to public transit, will continue to be attractive to the modern workforce,” said Brandon Wang, executive vice president of LPC West. “We’re thrilled to acquire this outstanding boutique office asset with our partner Rockwood Capital.”
Peter Kaye, co-managing Partner of Rockwood, added, “332 Pine represents an excellent property to add to our portfolio and exemplifies our focus on acquiring high-quality, well-located real estate in mixed-use environments that benefit from public transportation. We look forward to working together again with Lincoln to unlock additional value at the project.”
332 Pine is conveniently located a short walk from two BART stations – Montgomery and Embarcadero – as well as nearby amenities including Equinox Pine Street, Blue Bottle Coffee and the Loews Regency hotel. Kyle Kovac and Mike Taquino of Newmark Knight Frank represented the transaction.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $27.4 billion of real estate through ten value-add vehicles and ten separate accounts. Today, Rockwood is a 75-person real estate investment firm with offices in New York, NY, San Francisco, CA, and Los Angeles, CA that manages a portfolio of approximately $9.9 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices. Learn more at http://www.rockwoodcap.com.