CBRE Global Investors sold 475 Sansome St. in downtown San Francisco to Multi-Employer Property Trust and Bentall Kennedy. The price was not disclosed.
Oracle Corp. and Yahoo! lead the tenant roster at the 21-story, 353,269-square-foot office building, which is 90 percent occupied.
"We have strategically focused on acquiring a select number of high-quality CBD office buildings in U.S. primary markets over the past 18 months," said David Antonelli, executive vice president and MEPT portfolio manager at Bentall Kennedy.
"[The property at] 475 Sansome St. was particularly appealing since it is in a market with high barriers to entry, supply constraints and solid fundamentals driven by a diverse economic base. We believe market conditions in San Francisco suggest that office rents in the north financial district submarket will continue to improve over the next few years."
HFF brokered the deal on behalf of CBRE Global, an independently operated affiliate of CBRE Group with $91.2 billion in assets under management.
MEPT is a $5.6 billion, open-end commingled real estate equity fund that invests in 30 major metropolitan markets across the U.S. It is owned by approximately 360 multi-employer, public employee and corporate pension plans. NewTower Trust Co. manages the fund and Bentall Kennedy serves as the commercial real estate investment advisor. Please see CoStar COMPS #2617529 for more information.