300 Cal's Surprise New Owner

The North Financial tower was under contract to GLL—but a new buyer has stepped in.

NYC-based LeFrak Org closed on the building Thursday for "a little less" than the $530/SF GLL was about to pay for it, sources close to the deal tell us. GLL fell out of contract a month or so ago, although the Munich real estate group "is a great buyer and it was not a issue with them," sources add. Marylou Berk, above, heads LeFrak's real estate portfolio. Her company's biggest project—and one of the world's largest—is Newport, NJ. For 28 years, LeFrak has been building out the $10B, 600-acre mixed-use community on 1.5 miles of Hudson River waterfront surrounding the entrance to the Holland Tunnel.

Seller LA-based Kennedy Wilson picked up the then-empty property in 2007 for $411/SF and dumped millions into a renovation. It hit the sales block about a year ago with a $540/SF sales goal. AECOM is a big tenant inside the 120k SF property.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

ISIF Commits €100M To IPUT's €500M Office Development Pipeline

Orchard Partners Selects JLL To Market 892K SF Manufacturing Campus In Brisbane: The San Francisco Deal Sheet

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Hof Wonen Acquires 251 Social Rental Houses In New Mixed-Use Project In The Hague

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them

Foundry Robotics Leaves San Francisco For New East Bay HQ

Capital Flooded Into Bay Area Apartments. Then Treasury Yields Spiked