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KBS Buys North Waterfront Office

SAN FRANCISCO-The real estate investment advisor pays $58 million for the eight-story, 143,695-sf building that adjoins a 284-stall parking garage and is 95% leased.

By Brian K. Miller | Updated on July 01, 2008

SAN FRANCISCO-KBS Realty Advisors said Tuesday it has paid $58 million or $403.63 per sf for a 143,695-sf, eight-story corner office building in the Waterfront/North Beach submarket. Known by its address, 55 Francisco St., the well-leased building sits at the corner of Montgomery Street, providing views of the Bay and the Golden Gate Bridge. It adjoins a 284-stall parking garage that was included in the deal.

Built in 1916 and expanded in 1983, 55 Francisco is 95% leased to19 tenants, including the headquarters office of Jackson & Wallace, an 80-attorney law firm; Pacific Fertility Clinic; Fitzgerald Communications; and Video Arts. KBS did not name the seller or say for what fund or client it acquired the asset.

The seller is believed to be a joint venture of Rosenberg Co., the investment affiliate of ROK Properties, and Pacific Coast Capital Partners, a real estate investment firm. The duo acquired the asset and the parking garage in mid-2006 for $32 million or $222.70 per sf, according to an industry source. At the time, it was fully leased to 27 tenants, which included Jackson & Wallace and FitzGerald Communications.

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