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350 Sansome Sells for $200 Per SF

SAN FRANCISCO-Locally based multifamily investor Litke Properties purchases the 85% leased, 115,481-sf office building from Blackstone Real Estate Advisors and McCarthy Cook & Co. for approximately $23 million.

By Brian K. Miller | Updated on May 15, 2005

SAN FRANCISCO-Litke Properties has acquired 350 Sansome St.. The local company paid $23 million, or $200 per sf, for the 115,481-sf office building in the Downtown financial district. The seller was a joint venture of Blackstone Real Estate Advisors and McCarthy Cook & Co.Originally built in 1952 by Cahill Construction, 350 Sansome St. received cosmetic renovation in 2002. The building is 85% leased. Tenants include Federal Express, Ecology and Environment, NFO Research, Amnesty International and Stewart Title.Litke’s website lists only apartment properties. Company executives could not be reached Friday for comment on whether this is a new product type for the company. The brokerage firm in the transaction, Colliers International, says Litke acquired the building as an investment opportunity.Colliers senior vice presidents Tony Crossley and Tim Maas handled both sides of the transaction. Crossley was not available Friday for comment. In a prepared statement, he says the attractiveness of the building’s location and tenant base attracted 15 offers.

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