71,329-SF Financial District Office Building Sells for $16M

SAN FRANCISCO-A 71,329-sf 15-story office building in San Francisco’s Financial District has traded hands for $16 million. The real estate partnership Rawson, Blum and Leon sold the building to L.T.D.D, an individual investor.

Located at the corner of Market & New Montgomery, the building was built in 1907 and fully renovated during the 1990s. It is 90% leased. Major tenants include Bank of America and the Australian Consulate. Rob Dumas of Grubb & Ellis represented the seller and Dan Cressman of Grubb & Ellis represented the buyer.

Dumas and Cressman could not be reached for comment, but local brokers familiar with the transaction tell GlobeSt.com that no tenant has more than 10% of the building and that leases representing 35% of the space will expire over the next two years, and that those rents are above current market rates.