While terms of the deal were not disclosed, local sources say GLL paid about $95 million and Fremont Properties officials say Fremont Group, its San Francisco-based subsidiary, will continue to manage the asset and remains a partner in the office building.

According to Fremont representatives, the 29-story office tower is 99% leased, so the acquisition "isn't a market-bottom indicator. It's a unique deal." The deal was sourced for GLL by Lend Lease Real Estate Investments.

Fremont Properties EVP David Wall, responsible for the development of the project, says that when Fremont began their leasing program many other landlords were focused on then emerging technology companies. Wall says Fremont approached 199 Fremont's tenancy the old fashioned way – insisting on long- term leases and solid credit tenants. As a result, adds Wall, the building has a strong tenant base that includes high-level tenants such as PriceWaterhouseCoopers, Aon Service Corp. and Fremont Group.