SAN FRANCISCO—Rockefeller Group Investment Management Corp., on behalf of its joint venture with Mitsubishi Estate New York, has sold 50 Beale St. in the heart of San Francisco's South Financial District for approximately $395 million, or $596 per square foot.
The buyer was Paramount Group, Inc. Rockefeller Group Investment Management Corp (RGIM) was advised by Eastdil Secured.
The property was acquired by RGIM on behalf of the joint venture in September 2012. Designed by Skidmore Owings & Merrill LLP, 50 Beale St. was built as the headquarters for the Bechtel Corporation, which remains a major tenant in the building. The 23-story building is located at the intersection of Beale and Mission Streets two blocks from the Transbay Transit Center and adjacent to 350 Mission St., a new tower under construction that has been fully leased by Saleforce.com.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
