By Jon Peterson
The planned sale of the 164,405 square foot office building in San Francisco located at 235 Pine Street could be in excess of $125 million or in the upper $700 per square foot range, as stated by sources familiar with the sale of the property.
Los Angeles-based CBRE Global Investors is the current owner of the property. This real estate investment firm has hired the San Francisco office of Eastdil Secured to be the listing agent on the potential sale. Both CBRE Investors and Eastdil declined to comment when contacted for this story.
Should the sale go through, it would represent the third time in 10 years that 235 Pine has been sold. In September of 2014, CBRE Investors had paid $88,755,000 million for the property, as stated by sources that track the sale of office buildings in San Francisco. The same property was acquired by Boston-based TA Associates for $78 million in November 2008.
CBRE Investors had completed a $2.3 million renovation on 235 Pine last year, according to published reports. The improvements 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 room facelifts and a recreation area with soft seating and a TV.
235 Pine was first developed in 1990, according to the building’s web site. The property has a current occupancy of around 90 percent. Some of the existing tenants in the property are ApplePie Capital, Associated Space Design, New Forests, Drive Motors and MIT. The leases with Drive Motors and MIT were signed last year. The asset is considered to be a Class A property. The building totals 25 stories and has a four-story on-site parking garage.