Columbia Property Trust to Buy San Francisco Tower for $239M
- Dec 04, 2019
Columbia Property Trust is under contract to acquire 201 California, a 272,000-square-foot Class A office tower in San Francisco, for $239 million. Beacon Capital Partners will sell the property by year-end, after two years of ownership. The firm acquired the asset in December 2017 for $179 million, according to Yardi Matrix.
The 17-story office building occupies less than 1 acre at 201 California St. in San Francisco’s North Financial District. Located just off Market Street, the building is within walking distance of several public transportation options, including light rails, bus lines and the Embarcadero BART stop. Nearby major roads include Interstate 80, which provides access to the wider Bay Area and the San Francisco International Airport.
Constructed in 1980 and completely renovated in 2001, the property encompasses 16,700-square-foot floor plates and features an additional 10,000 square feet of retail space. The building is 97 percent leased to a variety of tenants, including First Republic Bank, Dow Jones and White and Cooper.
In October, Columbia Property Trust signed an agreement to buy Normandy Real Estate for $100 million. The deal expands the firm’s presence in New York, Washington D.C. and Boston.