Redco Acquires 300 California in Downtown SF at Steep Discount

Redco closed its acquisition of 300 California St. for $28.5 million, reported the San Francisco Business Times. It’s the second downtown San Francisco asset the developer has snapped up in recent months and the latest example of office properties in the neighborhood trading at between $200 and $300 per square foot.

Redco and partner GCI General Contractors paid around $240 per square foot to acquire the 120,000-square-foot 300 California from New York-based seller LeFrak, the Business Times reported. LeFrak acquired the building for $58.25 million, or around $485 per square foot, in 2014.

John Walsh of Cushman & Wakefield represented Redco in the deal, which closed earlier his week.

GCI will move its headquarters from 875 Battery St. to the fifth floor of 300 California in conjunction with the transaction. That deal, along with two other pending leases, will bring the building’s occupancy rate to roughly 75%, up from less than 50% when Redco went under contract earlier this spring.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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