Specifics of the deal, such as how much of a stake GLL Real Estate Partners sold to the PNC client, were not immediately available. Both GLL and PNC declined comment and the Cornish & Carey Commercial brokerage team that represented GLL--believed to be Gerry Rohm, Michael Leggett and Rita Meehan--did not return phone calls seeking comment. Fremont Properties also did not return a phone call seeking comment.

Located at the corner of Fremont and Howard streets in South Financial District, the building was developed in 2000 by a division of Fremont Properties, an investment arm of Bechtel Corp. In mid-2002, in a deal that valued the asset at approximately $153.7 million, Fremont sold a 75% stake in the asset to Munich-based GLL Real Estate Partners Gmbh, which is a joint venture of Lend Lease Continental Holding and the European insurer Generali Group. In May 2005, GLL purchased the remaining 25% interest from Fremont Properties for an undisclosed amount. Fremont continues to manage the asset.

The mid-2002 transaction equates to a per-sf value of $388. This latest transaction equates to a per-sf value of $657. An industry source says the initial cap rate on the latest transaction is 5.2%.