$24M Deal Signals Return of Foreign Investors

SAN FRANCISCO-The acquisition of the 126,110-square-foot 49 Stevenson St. office building by a Taiwan-based buyer for $24.2 million marks the return of foreign investors to this city, according to Grubb & Ellis brokers who represented the buyer in the deal. According to executive vice president Daniel Cressman of the Grubb & Ellis team, “This transaction marks the beginning of offshore investors returning to the San Francisco office market after having sat on the sidelines for nearly 10 years.”

Taiwan-based Pacific Resources Stevenson bought the 49 Stevenson St. building, in the heart of San Francisco’s financial district from a US institutional seller for $24.2 million in an all-cash deal at a price that is approximately 40% below the current assessed value of the office property, according to Grubb & Ellis. In addition to Cressman, other members of the Grubb & Ellis team were vice president Michael Taquino and senior associate Kyle Kovac.

The 49 Stevenson building is a 15-story tower that was completed in 1989. The property is anchored by multiple tenants, including M+W Zander and Hitachi Consulting, as well as retail tenant Yank Sing Restaurant.