555 Mission St. in San Francisco
Posted on June 9th, 2012 ยท Posted in Acquisitions, Development

New York based Tishman Speyer Properties is staying busy in San Francisco as the company is developing two new buildings and recently announced the sale of 555 Mission Street to German based Union Investment.

555 Mission is reportedly being sold for $445 million which puts it around $800 a square foot. The office tower was built in 2009 and the sale comes just three years after it was completed. According to property research, this would represent the largest amount paid for a downtown building since 2007 when Morgan Stanley acquired One Market Plaza for a reported $925/square foot.

Just last month Tishman Speyer paid $41 million for the parking lot at Howard and First where they plan to construct a 10-story 286,000 square foot office building. Down the street at Second and Howard a 27-story, 452,000 square foot office tower is being constructed to take advantage of the hot office market which has seen rents jump 10 percent year-over-year. Both properties are being constructed without a single signed tenant which shows just how much demand exists in the market.

They are just the latest example of companies staying busy in San Francisco’s hot office space market and if you would like more information on available space, contact our team of tenant reps today!

Source: San Francisco Chronicle