"Ultimately, we successfully created a new look and identity for the building and added significant value by attracting full-floor tech tenants," Jonathan Garonce, partner at Drake Real Estate, tells GlobeSt.com.

As Garonce mentions, the renovations were successful in sparking leasing activity and resulted in the signing of several successful tech companies. The asset is now 100% occupied by EastWest Bank, Bitmami and Novani, among others.

Ben Bullock, David Dokko and Thomas Foley of HFF represented Newcastle Partners in the sale.

"Jackson Square is strategically located at the intersection of North Beach, the north Financial District and Chinatown," said Dennis Higgs, managing partner and founder of Newcastle Partners. "With an office vacancy hovering around 3%, Jackson Square is a vibrant, thriving submarket that has proven to be the best in the city. San Francisco continues to see the highest rents and lowest vacancy in the country and Newcastle Partners will continue to pursue value-add and core office property opportunities here."

Indeed, the San Francisco investment market continues to experience strong activity, especially during the second quarter of 2019 with nine buildings transacting for an aggregate investment volume of more than $1.2 billion, according to a report by Colliers International. The largest sale transaction of the second quarter was 123 Mission purchased for $397 million or $1,149 per square foot by Main Mission LLC. Another notable transaction was the sale of 945 Bryant St., a class-B office building located in SOMA which closed for $41.95 million or $1,005 per square foot, says Colliers.