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160 King St. Fetches $411 Per SF

SAN FRANCISCO-Entering the local market for the first time, American Assets of San Diego pays $69 million for the fully leased, 168,000-sf class A office tower.

By Brian K. Miller | Updated on May 10, 2005

SAN FRANCISCO-A 168,000-sf class A office building across from SBC Park has changed hands at $411 per sf, industry sources tell GlobeSt.com. American Assets, a San Diego-based real estate investment and asset management firm entering San Francisco for the first time, paid about $69 million for the fully leased building completed in 2002, according to the sources. The seller was ROK Properties, which includes Rosenberg Ventures.The South of Market property totals nine stories above ground and one below. Five floors contain office space and five stories contain parking. Major tenants in the building include the law firm of Gray Cary and Brown & Toland Medical Group. American Assets’ chief executive John Chamberlain tells GlobeSt.com that tenants representing about 70% of the building are on leases that extend through 2010. “The San Francisco market is very appealing to American Assets,” he says. “San Francisco remains a preeminent financial and commercial center and the Bay Area’s recovery has been strong over the past 24 months, and is expected to tighten through 2005.”Stephen Van Dusen, Jay Borzi and Steve Silk of Secured Capital brokered the transaction. When reached for comment, both Chamberlain and Van Dusen declined to confirm the sale price. The acquisition marks American Assets’ entry into the Bay Area. Its office portfolio now includes six office projects throughout California.

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