Built in 1981, the 18-story building was 76% occupied at thetime of sale, according to the source. Tenants include NASDAQ,Kessler Pacific, the Department of Defense and Market Tools.Building amenities include underground parking and unobstructedviews of San Francisco Bay.

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Principal's plan is to add value by leasing up the vacant spacein the building. While vacancy in the building is 24% the overallvacancy in the 20 million-sf South Financial District is 7.1% on adirect basis and 11.1% including sublease space, according to CBRichard Ellis. PREI acquisitions director Chris Aust could notimmediately be reached Monday morning for comment.

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The seller of 150 Spear St. was Pacific Eagle Holdings Corp., aUS subsidiary of Great Eagle Holdings Ltd., which is traded on theHong Kong and London stock exchanges. Cushman & Wakefield hadthe disposition assignment.

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Pacific Eagle acquired 150 Spear St. in 2001 for $102 million.Pacific Eagle's other Bay Area assets include 353 Sacramento St., a307,000-sf Downtown office building here that was built in 1982,and 400 Ygnacio Valley Road, a four-story, 118,000-sf building inWalnut Creek that was built in 1988.

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