50 Beale Street
Posted on September 15th, 2012 ยท Posted in Acquisitions

50 Beale Street, a 23-story property in the South Financial District, was acquired by the Rockefeller Group and Mitsubishi Estate New York. Terms of the deal were not disclosed but the numbers were likely in line or higher compared recent deals in San Francisco’s South Financial District as the building is somewhat of a landmark and is currently around 90 percent leased.

The name of the seller has not been made public but it was likely Broadway Partners who purchased the building in 2007 and still had the property listed under their portfolio even after news of the sale was announced.

The building was finished in 1968 and is just over 662,000 square feet. Though it is 44 years old, it has seen recent renovations that earned it LEED-EB certification. Current tenants include Blue Shield of California which rents multiple floors as well as Bechtel Corp. which has its headquarters in the building.

This is just the latest in a string of building sales which are expected to reach $5 billion in 2012 as investors aim for a piece of San Francisco’s red hot commercial real estate market.

Photo by Thomas Hawk