With momentum building for an office recovery in San Francisco and downtown properties available at bargain-basement prices, institutional investors are getting off the sidelines.
New York Life Real Estate Investors is aiming to acquire a loan backed by a building that will become its third recent San Francisco office investment, a binge that started last year for the Manhattan-based real estate investment arm of insurance giant New York Life.
New York Life and its partner, Dallas-based Lincoln Property Co., are in talks to acquire non-performing debt tied to 353 Sacramento Street, a 23-story, 285K square foot office tower in the Financial District, the San Francisco Business Times reported.
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