Lincoln Property JV Snags Historic SF Office Property
- Aug 01, 2018
In a joint venture with affiliates of Rockwood Capital, Lincoln Property Co. has acquired 332 Pine St., a historic office building in the financial district of San Francisco. According to Yardi Matrix, the last known owner was Polidev, which bought the asset in 2014 from House Properties for $22.2 million.
Constructed in 1912, the nine-story property comprises 51,522 square feet. Features of the building include open floor plans, high ceilings, side-core construction and exposed concrete and brick. Amenities such as a penthouse and rooftop terrace are offered for tenant use. Atkins, Kimball, GSPORTS Physical Therapy and Brown Robin Capital are among the property’s tenants.
“The building’s historic architecture, along with its proximity to public transit, will continue to be attractive to the modern workforce,” said Brandon Wang, executive vice president of LPC West, in prepared remarks.
Newmark Knight Frank’s Executive Managing Directors Kyle Kovac and Mike Taquino brokered the transaction. The property is within close proximity to two BART Stations, Montgomery and Embarcadero. Nearby amenities include Equinox Pine Street, the Loews Regency hotel and Blue Bottle Coffee.
In another joint venture earlier in July, Lincoln Property Co. partnered with PCCP to acquire the 464,000-square-foot Valley Technology Centre, a Class A office and R&D complex in San Jose, Calif.
Image courtesy of Yardi Matrix