Built in 1981, the 18-story building was 76% occupied at the time of sale, according to the source. Tenants include NASDAQ, Kessler Pacific, the Department of Defense and Market Tools. Building amenities include underground parking and unobstructed views of San Francisco Bay.
Principal's plan is to add value by leasing up the vacant space in the building. While vacancy in the building is 24% the overall vacancy in the 20 million-sf South Financial District is 7.1% on a direct basis and 11.1% including sublease space, according to CB Richard Ellis. PREI acquisitions director Chris Aust could not immediately be reached Monday morning for comment.
The seller of 150 Spear St. was Pacific Eagle Holdings Corp., a US subsidiary of Great Eagle Holdings Ltd., which is traded on the Hong Kong and London stock exchanges. Cushman & Wakefield had the disposition assignment.
Pacific Eagle acquired 150 Spear St. in 2001 for $102 million. Pacific Eagle's other Bay Area assets include 353 Sacramento St., a 307,000-sf Downtown office building here that was built in 1982, and 400 Ygnacio Valley Road, a four-story, 118,000-sf building in Walnut Creek that was built in 1988.
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