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.


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.


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.


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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