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300 Cal's Surprise New Owner

San Francisco Office

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.