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Lincoln Property Buys Office Sites for $65M-Plus

SAN FRANCISCO-The Dallas-based developer acquires the last two office development sites in the North Financial District.

By Brian K. Miller | Updated on September 30, 2007

SAN FRANCISCO-Lincoln Property Co. has landed some coveted land in San Francisco. In partnership with Bethesda, MD-based institutional money manager ASB Capital, the Dallas investor-developer recently paid between $65 million and $70 million for two adjacent Downtown development sites here that are entitled for a combined 400,000 sf of office.

Currently home to the historic but long-vacant 5,700-sf Mining Exchange building, the site at 350 Bush is entitled for a 19-story, 350,000-sf building; the site at 500 Pine is entitled for a five-story, 50,000-sf building. The purchase price equates to approximately $170 per sf of entitlement, a record price for a special commodity: the only remaining office sites in the North Financial District, according to local real estate sources.

The seller was a partnership of Shorenstein Co., the Swig Co., and Weiler & Arnow Management Co. The three family-owned operations acquired Mining Exchange property in the 1960s. In 1979, they began assembling the six land parcels around the building to create the two development sites.

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