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Paramount Picks Up San Francisco Trophy for $408M
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
New York City-based Paramount Group, Inc. acquired 55 Second Street, a 25-story, 387,000-square-foot office building in San Francisco’s South Financial District, reportedly from Nuveen for roughly $408 million.
Paramount’s Albert Behler says, “The acquisition of 55 Second Street enables us, once again, to recycle capital opportunistically from Washington, D.C. into one of San Francisco’s most desirable corridors. With its modern construction, highly-efficient floor plates, rich amenity base and proximity to the Transbay terminal, we see tremendous opportunity to fill existing vacancy as well as proactively manage renewals and any potential rollover in a building where in-place office rents are well below market.”
Developed in 2002, the LEED Platinum certified asset sits in the Mission-Market Street corridor near the Transbay Transit Center and Montgomery BART station. Known as the KPMG Building, it is currently 87.4% leased, primarily to accounting, legal and technology tenants.
The transaction is expected to close in Q3 2019. Paramount expects to bring in a JV partner prior to closing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
