New York City-based TIAA-CREF is under contract to buy the 445k SF building for about $700/SF, sources confirmed to Bisnow this morning.
This spring, less than a year after buying the gigantic Airbnb HQ at 888 Brannan for $185M, Beacon Capital Partners put the former jewelry mart on the market. Back then we reported it could sell for as much as $700/SF. The pension fund has been active in the Bay, last year spending $722/SF for the KPMG Building at 55 2nd St. The Registry was the first to report the Airbnb deal.
Eastdil Secured marketed the property, which received a heavy redo after Vantage Properties and SKS Partners bought it in 2011. Bisnow sources say competition was good but "it feels like something happened in the process because the deal went quiet for a long time." Word on the street is potential buyers really liked the interiors but had some concern over the location—the building is right next to a freeway.
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