Just when you thought the pricing for steeply discounted San Francisco office buildings couldn't get any lower, a new benchmark has been established: a 90K SF Market Street tower has been acquired for nearly 90% less than its last trade.
An affiliate of Florida-based LNR Partners, a subsidiary of Starwood Property Trust, acquired a 16-story office tower at 995 Market Street at a public auction on April 18 with a bid of $6.56M, or about $72 per SF, according to a report in the San Francisco Business Times.
Eight months ago, New York-based building owner Bridgeton stopped make payments on a $45M CMBS loan backed by the building, which Bridgeton bought in 2016 for $62M.
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