City Buys One South Van Ness for $71M

SAN FRANCISCO-The City of San Francisco has acquired One South Van Ness from TMG Partners for $71.5 million. The city, which occupies a substantial portion of the eight-story, 504,471-sf building, exercised a fixed purchase option it had obtained along with its lease agreement.

The property is located very near City Hall in the Civic Center district. Originally developed as a data processing center for Bank of America, the building was converted to office space in 1989 but continued to be owned and largely occupied by the bank until 2005. The property features a large central atrium, has unobstructed views of Twin Peaks. It is 100% occupied by the City and County of San Francisco, California Pacific Medical Center and the California State Compensation Insurance Fund.