Clarion Partners Sells SF Office Tower for $100M
- Mar 05, 2013
Clarion Partners, L.L.C., a New York-based real estate investment manager, has completed the sale of 100 Spear Street, a Class A, LEED Gold office tower in the heart of San Francisco’s Central Business District for $100 million.
The buyer was not disclosed, but published reports list the buyer as Prudential Financial.
“We have a very hands-on, pro-active management approach with respect to all of our portfolio properties,” Mark Weld, Clarion Partners’ managing director, said in a prepared statement. “San Francisco in particular is a dynamic marketplace where we have recently aggressively executed on opportunities on both the buy- and the sell- side and expect to continue to do so.”
100 Spear Street is located in San Francisco’s South Financial District, closely situated to the future site of the Transbay Transit Center, which is slated to be the largest transportation hub ever built on the West Coast.
The 22-story office tower consists of 203,259 square feet of commercial space, which is currently 91.5 percent leased, by companies including Kidder Mathews, Pond North L.L.P. and the law firm, Kerr & Wagstaffe L.L.P.
Originally constructed in 1984, the building recently underwent a modernization program, which saw the renovation of the main lobby, remodeled multi-tenant floors, an upgrading to the elevators and improved fire-life safety features.
The building scored an energy efficiency rating of 90 in 2012, which is the average for all California Energy Star Buildings & Plants.
Gerry Rohm, Michael Leggett and David Karol of the San Francisco office of HFF represented Clarion in the transaction.