KBS Strategic Opportunity REIT, an affiliate of KBS Realty Advisors, announced the purchase of a 23-story Class A office tower in San Francisco for $169.5 million. The property was sold by Pacific EIH Sacramento, LLC, an affiliate of investment manager Pacific Eagle, which first announced the agreement to sell in May when KBS deposited $1 million for the acquisition. Terms of the deal and representation were not disclosed, but CBRE is the listed broker for the property that sits adjacent to Embarcadero Center.
"We believe that 353 Sacramento's location in San Francisco's vibrant Financial District will appeal to both traditional and creative tenants," said Michael Potter, vice president at KBS and asset manager for the property. "We are pleased to acquire this property in a highly desirable business location and a center of global technology innovation."
Built in 1982, 353 Sacramento Street offers 307,000 square feet in a 23-story building in San Francisco's thriving Financial District, with onsite amenities including a conference center, a full-service banking branch, a deli and views of the bay and city. MegaPath Corporation, Pacific Bell Telephone Company, and TW Telecom are a few of the Internet providers that service this property. At the time of sale, the tower was 85% leased with major tenants including Berry, Appleman & Leiden, a corporate law firm, Landmark Worldwide, a company offering personal development and training programs, and law firm Carlson, Calladine & Peterson LLP.
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