By Jon Peterson
Wilad Properties in association with Mill Valley-based CSB Properties has paid approximately $25 million, or just over $1,063 per square foot, to acquire the 23,500 square foot office building located at 200 California Street in San Francisco, according to sources familiar with the transaction and public documents viewed by The Registry.
The seller of the property was Manchester Capital Management, which has owned the property since January of 2011, when it paid $8.65 million, according to public documents. This investment firm has a regional office in Montecito, Calif. The property was sold as an off-market transaction. The seller was represented in the deal by Newmark Cornish & Carey. This sale was conducted by the NGKF Capital Markets team in its San Francisco office. This included Michael Taquino, Kyle Kovac and Daniel Cressman, all executive managing directors with the company. Kovac declined to comment when contacted for this story.
The property at the time of the sale was 100 percent occupied. The ground floor of the building is occupied by a Charles Schwab store for a retail operation. The financial services firm just renewed its lease there and signed it at a market rate for the next 10 years. The rest of the building is all office building space.