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650 Cal Build-Out to Attract Tech

SAN FRANCISCO—In fall 2014, Columbia bought 650 California from Tishman Speyer and Prudential Real Estate Investors for a total purchase price of $309 million and is rehabbing it for today's user.

By Lisa Brown | Updated on December 22, 2015

SAN FRANCISCO—Columbia Property Trust has learned to play all sides of the market in San Francisco. With 27 primary market properties, the firm has found that CBDs outperform other locations and multi-tenant office assets best suit its long-term goals. With all of this in mind and a conscious decision to build or invest in the best areas, Columbia has become a significant office landlord in downtown San Francisco.

Using San Francisco as a model, combining a mix of value-add and multi-tenant properties, the firm first purchased 333 Market, a 657,000-square-foot building leased entirely to Wells Fargo in 2012. This was followed by the purchase of the 378,000-square-foot 221 Main Street with rehabbed rooftop garden in April 2014. Finally, in September 2014, Columbia bought the 478,392-square-foot 650 California, which lies squarely in the North Financial District, from Tishman Speyer and Prudential Real Estate Investors for a total purchase price of $309 million.

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