500 Pine, a 56,179-square-foot office building, sold to Heitman (credit: Vantage Point Photography).
SAN FRANCISCO—Tenants occupying newly completed buildings drove net absorption, maintaining the momentum from the first half of 2018. All developments slated to deliver through 2020 are pre-leased, limiting near-term leasing activity to frictional relocations and movement created by downsizing space returning to market, according to JLL's third-quarter office report.
One project eased the office crunch ever so slightly when it was completed last year. 500 Pine is one of the newest office developments in the North Financial submarket, and got almost immediate attention from investors.
The 56,179-square-foot class-A office building recently sold to Heitman LLC, a real estate investment management firm, which acquired the office building on behalf of an affiliate of the firm. The asking price was approximately $80 million and some sources have put the sales price in the neighborhood of $70 million, GlobeSt.com learns. The sellers were Gemdale USA Corporation and Lincoln Property Company.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
