Rialto Building
Posted on March 10th, 2013 ยท Posted in Acquisitions

Hines and Invesco recently partnered to purchase the landmark Rialto Building at 116 New Montgomery Street for $57 million. The 135,000 square foot building features both office and retail space in San Francisco’s South Financial District and is listed on the National Register of Historic Places.

The building’s listing to sale time was a mere six weeks with 17 offers submitted on the property according to seller AFI USA. The sale price was around $425 per square foot and the buyer will be getting a property that is 85 percent leased and features office tenants like Trulia and Launchsquad in addition to retail tenants Walgreens and Chipotle.

The property was built in 1902, just four years before the 1906 San Francisco Earthquake. After the disaster, the property’s interior was completely rebuilt while the exterior was left intact. Through the years the property has had multiple owners with AFI USA being the most recent after it acquired the property in 2007 and undertook a capital improvement program to restore the building’s ornate interior.

If your company is looking for commercial investment opportunities in San Francisco, contact Synergy Real Estate Group today. We can help you find commercial properties for sale that meet your business needs.

Photo credit: National Register