Urban Land Development Buys San Francisco Office Building
- Nov 08, 2019
Urban Land Development, in partnership with Meyer Corp., has acquired 150 Post Street in San Francisco for approximately $94 million, according to The Registry. PGIM Real Estate sold the 104,000-square-foot office building after roughly two years of ownership. The property last traded in 2017 for $69.3 million, Yardi Matrix data shows.
The office building sits on less than an acre at 150 Post St. in San Francisco’s North Financial District. The transit-oriented building is within walking distance of at least 10 stations, including the Montgomery BART stop on Market Street. Nearby thoroughfares include Interstate 80, which connects the building to the wider Bay Area and enables access to the San Francisco International Airport.
Constructed in 1908, the seven-story Class A property encompasses around 66,700 rentable square feet of office space and an additional 37,200 square feet of retail. The building is leased to 21 tenants, including Knotel, McCormack & Erlich and Ameriprise Financial, per Yardi Matrix.
Other recent activities in San Francisco include the sale of One Tehama, a 98,600-square-foot historic office asset in the South Financial District. CIM Group traded the property to Bell Sound USA LLC.