Tishman Speyer Puts Three Office Complexes on the Market

SAN FRANCISCO—Tishman Speyer Properties LP plans to sell three office complexes in the San Francisco area, seeking to capitalize on demand from real estate investors amid rising rents, Bloomberg reports. The New York-based company intends to offer for sale 350 Rhode Island St. in San Francisco; Dublin Corporate Center in Alameda County; and Sunnyvale Office Park in Sunnyvale, part of Silicon Valley. Bloomberg said the information came from a source close to the company, who asked not to be identified. Tishman Speyer is seeking a combined $430 million for the properties, after paying about $295 million for them in transactions dating to 2005, according to the person.

San Francisco office rents soared 27 percent in the fourth quarter from a year earlier to an average $48.83 a square foot, propelled by rapidly expanding technology companies such as Salesforce.com Inc. and Square Inc., according to brokerage CBRE Group Inc.