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Bisnow Scoop: 650 Cal's New Owner Is...
August 21, 2014
Tishman is selling its newly renovated trophy property to Columbia Property Trust, sources tell us. (We thought the only people who sold trophies were cash-strapped former football players.)
Our sources tell us the likely sales price for the 33-story Financial District office tower is $675/SF but it could actually be as low as $625/SF. Last year Tishman spruced up the 1960s-era building with a big lobby makeover, clearly prepping the property for sale. In Q1, rent jumped more than 5% over the year to $59.23 (tenants include Credit Suisse and Littler Mendelson). Eastdil marketed the 585k SF building. Tishman didn't respond to a request for comment. Columbia already made a big move nearby this year, scooping up 221 Main for $228M in April.
