Tidewater Capital is set to acquire the remaining stake in 351 California St., a building in which it already has a vested interest as part of a past collaboration with Goldman Sachs, the San Francisco Business Times reported.

The 144K SF property, known as the J. Harold Dollar Building, traded for $108M in 2019 to the partnership, Bisnow previously reported. In that deal, Tidewater Capital acted as the operating partner for Goldman Sachs. This time around, the San Francisco-based real estate investor is providing all the capital, the Times noted, citing sources with knowledge of the proposed sale.

Originally built in 1920, the 16-story building was listed by JLL as being 53% leased when the property hit the market in September. That represents a steep drop from the 89% occupancy at the building when it sold in 2019.

The new sale has not yet closed, according to JLL. Further requests for comment from the parties involved were not immediately returned.

When official, the acquisition will be the first for Tidewater Capital since the pandemic, though the company has been searching for opportunities since the fall 2023.

At the time, Tidewater Managing Partner Craig Young announced the company had more than $200M in equity commitments for its third discretionary fund, representing close to $1B in buying power. The money was earmarked to be invested in Bay Area residential, office and industrial properties.

“We have tremendous confidence in the long-term prospects of the Bay Area,” Young said in a company release at the time. “While capital markets broadly have been deeply challenging, both our returning and our new investment partners have placed a great deal of confidence in our ability to navigate a rapidly evolving market to capitalize on a Bay Area rebound.”