235 Pine Street in San Francisco traded hands this month as a fund managed by CBRE Global Investors purchased the office property for a reported $88.8 million, or $591 per square foot, according to The Registry. Terms of the deal were not disclosed. Built in 1990, the property features 207,500 square feet on 25 stories, is located in the heart of San Francisco's Financial District between California and Market streets near amenities including restaurants, gyms and public transportation.
235 Pine is currently home to the soon-to-be-vacating GSA Bankruptcy Court, the buyer confirmed. Phil Hench, principal at CBRE Global Investors, said the company saw the Pine Street building as a valuable asset not only because of its proximity to BART, but also because the bankruptcy court will soon give up its more than 50,000 square feet on the top six floors.
"The traditional (finance, insurance and real estate)-type users that went through a difficult period of downsizing – and since then have been status quo and haven't added jobs or space – are in fact expected to recover and accelerate," he said. "We'll see a lot of activity from that sector, and at the same time more and more of these tech companies are not afraid to go into traditional vertical highrise office buildings."
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