It's Paramount Group, which now owns two properties in the city (One Market is the other). The seller was fellow NYC landlord Rockefeller Group Investment Management, on behalf of a JV of Rockefeller Group US Premier Office Fund LP and Mitsubishi Estate New York. After a two-year hold, the ownership sold the 23-story South Financial high-rise for $395M, or $596/SF. The sale was the result of an unsolicited offer from Paramount, a Rockefeller spokesperson tells us. Rockefeller CEO Dennis Irvin, above, calls it a great building with solid tenants in an outstanding area.

But sometimes letting go is a good idea: "The sale was an opportunity to realize projected returns earlier than expected, and we decided to return some capital to investors," the spokesperson tells us. Rockefeller and its investment partners continue to target S.F. for prospective acquisitions, as well as other US gateway markets (most notably Boston, LA, DC and New York). In the case of 50 Beale, the market strengthened considerably over the past 24 months, and the building performed very well—particularly after renewing Bechtel, he says, adding: "The building is in good hands with Paramount and continues to have solid prospects longer-term."

Paramount's Ted Koltis exclusively tells us what made 50 Beale attractive: Its location along the Mission Street corridor, which he feels is where the heart of S.F.'s modern downtown is moving, as well as the incoming Transbay Transit Center only a short block away. (Above, a recent event at One Market.) More buys could be in Paramount's future: Ted tells us that it continues to look for high-quality assets to invest in and grow its portfolio. Eastdil advised on the sale of the property, which was built as the HQ for the Bechtel in 1968. The 90% occupied, 662k SF building recently was certified LEED Gold.