Utah State Retirement Investment Fund sold Foundry Square IV at 500 Howard St. in San Francisco, CA, for $184.5 million. Heitman LLC of Chicago sold the Class A property for approximately $800 per square foot.
Oracle was the anchor tenant when the 233,290-square-foot office building
was constructed in 2003, and remains on the master lease. The property has since found new subtenants with The Gymboree Corp. occupying the majority of the building. The structure was 100 percent leased at time of sale.
This transaction matches the $800 per square foot that 555 Mission St. fetched in early June, and shows investors strong desire for new Class A office product with low vacancy in the South Financial District.
Brian Bollinger of Palmer Capital Inc. represented the seller, while the buyer was represented in-house.
Please see CoStar COMPS #2500757 for more information.