Taiwan-based Pacific Resources Stevenson bought the 49 StevensonSt. building, in the heart of San Francisco's financial districtfrom a US institutional seller for $24.2 million in an all-cashdeal at a price that is approximately 40% below the currentassessed value of the office property, according to Grubb &Ellis. In addition to Cressman, other members of the Grubb &Ellis team were vice president Michael Taquino and senior associateKyle Kovac.

The 49 Stevenson building is a 15-story tower that was completedin 1989. The property is anchored by multiple tenants, includingM+W Zander and Hitachi Consulting, as well as retail tenant YankSing Restaurant.

The sale of 49 Stevenson comes on the heels of another DowntownSan Francisco office deal, the acquisition of the371,825-square-foot 211 Main St.building in the South Financial District by the LosAngeles-based CIM Group. Cressman says that the Downtown market isattracting more than 20 purchasers for each major property thatcomes to the market. He attributes the broad investor interest inpart to the "decreases in values that are predicted to continuethrough the first half of 2010."