December 5, 2016
Boston-based The Rockpoint Group is acquiring 100 Pine Street, a 402,534-square-foot office building in San Francisco from Chicago-based LaSalle Investment Management for a reported $289 million. The 95%-leased North Financial District building is likely a value-add play for Rockpoint, since roughly 50% rentable space is expiring over the next four years.
LaSalle acquired the 33-story asset in 2005 for $149 million on behalf of Alaska Permanent Fund Corporation, a separate account it manages. Since then, average market rents have increased 23.4%, and more than $12.5 million has been invested in property improvements over the past 10 years.
In 2008, 100 Pine became the first LEED certified building in California.
JLL’s Capital Markets Group is handing the sale. CBRE’s Phil Tippett, Cori English and Mark McLaughlin handle the leasing assignment.
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