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Lincoln Property Co. and Gemdale USA Corp.'s 500 Pine, an office building in downtown San Francisco completed in 2017, has sold.
HFF represented the sellers and procured buyer Heitman LLC, which acquired the 56K SF building on behalf of an affiliate. HFF announced the sale Monday.
In May, the San Francisco Business Times reported that Heitman was close to buying the building for around $70M, or just under $1,250/SF. The 2017 sale of 222 Second St. holds the record per square foot sales price for an institutional office building in the city at $1,250/SF, The Registry reported in January.
HFF did not report a sale price. The building is one of the newest office developments in San Francisco's North Financial submarket.
The five-story, LEED Gold-certified building is 100% leased to CVS and Blend. Creative office features include open floor plans, floor-to-ceiling windows and on-site parking, a bike room and showers.
The building was designed by Heller Manus Architects and was built in conjunction with 350 Bush St. The project was 40 years in the making, with Lincoln Property buying the parcel in 2007 before being stopped by the recession. Lincoln Property and Gemdale USA formed a partnership in 2014 and moved forward with the project.
350 Bush opened in July and is fully leased to Twitch, Atlassian and Publicis.
500 Pine includes a public park extension that was included in the project as part of a deal with the city. The rooftop deck and garden at 500 Pine is connected to St. Mary's Park.
The HFF investment advisory team included Senior Managing Directors Michael Leggett and Gerry Rohm, Senior Directors Ben Bullock and David Dokko and Director Thomas Foley.
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