PRP Acquires San Francisco Net Lease for $134M

Washington, D.C.-based PRP Real Estate Investment Management paid $134.2 million for one of two buildings at 350 Rhode Island in the city’s Potrero Hills neighborhood.

PRP acquired a 127,100-square-foot Class A office building anchored with a 15-year lease to the City of San Francisco, brokered by CBRE’s Bruce Wilson before the sale as a new home for the city’s District Attorney and Police Investigative operations.

Originally developed in 2001 by San Francisco’s SKS Partners as one of the historic neighborhood’s first ground-up construction projects, the 260,000-square-foot campus occupies a full city block. Connected by a pedestrian bridge, the other 138,000-square-foot building at the site was not included in the transaction.

PRP is actively focused on assembling $1 billion of net leased assets in national markets. This recent San Francisco acquisition is reportedly the company’s first in the Western states.

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