DivcoWest To Sell Market St. Office Property for $110M
Leading audio technology company Dolby Laboratories (NYSE:DLB
) agreed to buy 1275 Market St. in San Francisco from DivcoWest and TMG Partners for about $109.8 million, or approximately $310 per square foot. The sale is expected to close on July 10.
Built in 1977 in the city's Civic Center submarket, the 16-story office building totals 354,000 square feet. Dolby Laboratories plans to occupy the entire building as it corporate headquarters. CAC Group advised Dolby on the building purchase.
The partnership acquired the building from the State Compensation Insurance Fund for $44 million last year.