Africa Israel USA announced this week that it had closed on the sale of the Rialto Building in San Francisco, selling the property to a joint venture between Invesco Real Estate and Hines. The joint venture purchased the turn-of-the-century property for approximately $434 per square foot, or $57 million, according to a CoStar report. The sale was completed only six weeks after Africa Israel USA placed the property on the market. In total, 17 offers were submitted as part of the bidding process. Eastdil Secured represented the seller in the transaction.
"We were very pleased with the widespread interest in the building, which we feel is indicative of the Rialto's strengths, both architecturally and geographically," said Damien Stein, director of asset management at Africa Israel USA. "The demand for premier office space in the most sought-after area of San Francisco is clearly outpacing the ready supply."
"This sale proves that San Francisco is still unmatched as the nation's top-performing office market," added Tamir Kazaz, CEO of Africa Israel USA. Originally built in 1902 and designed by Meyer & O'Brien, the 135,485 square foot building at 116 New Mongtomery St. was 85% leased at the time of sale, with major tenants including Trulia, Walgreens and Chipotle.
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