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71 Stevenson Sells for $105M

SAN FRANCISCO-The 23-story, 323,276-sf Downtown office building is 94% leased, but half of the building comes available next year.

By Brian K. Miller | Updated on September 06, 2006

SAN FRANCISCO-Embarcadero Capital Partners of Belmont sold 71 Stevenson this week for $105 million, or about $325 per sf. The 23-story, 323,276-sf South Financial District office building is 94% leased, but only for the near term. Federal government agencies that occupy about half of the building will be leaving next April.

The entity taking on the risk is Forward One, a Burlingame-based LLC whose parent company is based in Taiwan. The buyer paid cash for the building in order to complete an IRS 1031 exchange that began with the sale of a property in Hawaii.

The main federal tenant in the building is the Department of Labor. The government leases 151,716 sf in the building and pays an annual rent of $4.41 million or about $29 per sf, according to the General Services Administration. The lease expires April 19, 2007, but may be extended through the summer, when the new federal office building at Seventh and Mission streets is scheduled for completion.

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