December 5, 2019
Washington, D.C.-based PRP Real Estate Investment Management paid $134.2 million for one of two buildings at 350 Rhode Island in the city’s Potrero Hills neighborhood.
PRP acquired a 127,100-square-foot Class A office building anchored with a 15-year lease to the City of San Francisco, brokered by CBRE’s Bruce Wilson before the sale as a new home for the city’s District Attorney and Police Investigative operations.
Originally developed in 2001 by San Francisco’s SKS Partners as one of the historic neighborhood’s first ground-up construction projects, the 260,000-square-foot campus occupies a full city block. Connected by a pedestrian bridge, the other 138,000-square-foot building at the site was not included in the transaction.
PRP is actively focused on assembling $1 billion of net leased assets in national markets. This recent San Francisco acquisition is reportedly the company’s first in the Western states.
For comments, questions or concerns, please contact Chris Egger