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Nonprofit Buys SF Building for $30 Million

SAN FRANCISCO-A San Francisco nonprofit group has purchased a 100,000-sf office building for $30 million, showing that not everybody is crumbling under the recession.

By Michelle Savage | Updated on December 06, 2001

SAN FRANCISCO-Bay Area companies have been especially affected by the economic recession but one nonprofit company shows that there is still some hope for the commercial real estate industry.

The Public Policy Institute of California has purchased a San Francisco office building for more than $30 million. The building was previously owned by Los Angeles-based commercial investor Shuwa.

Chief Executive Officer David Lyons says, “The purchase of 500 Washington is a tangible symbol of our involvement in civic life in the Bay Area.”

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