March 30, 2017
New York-based Blackstone is acquiring 211 Main St. in San Francisco from Los Angeles-based CIM Group for $313 million. The sale transaction comes after Charles Schwab committed to a renewal of its headquarters lease for the entire 18-story, 417,200-square-foot office building.
The cap rate was reportedly in the 5% range. CIM bought the building for $113.3 million in 2009.
The property is in San Francisco’s South Financial District, which is undergoing a transformation. In addition to new CRE developments, such as the redevelopment of the Transbay Terminal, new luxury residences and retailers are being built in the adjacent Rincon Hill neighborhood.
HFF was hired to handle the asset sale. CBRE’s Mark Geisreiter, John Cecconi and Conor Famulener handle the property leasing.
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