SAN FRANCISCO-Swift Realty Partners has acquired 260 California St., also known as the Newhall Building, for $308 per square foot, or as industry sources tell GlobeSt.com, roughly $16.9 million from Canadian firm Sakti International. The historic, 12-story, 55,000-square-foot building features 5,000 square-foot floorplates, 12-ft.-high ceilings and 360-degree views of the city and bay.

Located on the corner of California and Battery streets, the building was designed by local architect Lewis Hobart, who also designed the Grace Cathedral, and was completed in 1908. Sources say the building has been renovated a few times and was one of the first buildings built in California after the earthquake.

Despite its renovations, the historic quality of the building has been retained, sources emphasize. It is located on the same block as well-known restaurants Michael Mina, Tadich Grill and Perbacco, which give it name recognition, and is proximate to BART, MUNI and the famous Cable Car. The building, which is currently about 90% leased, also features a rare private office penthouse on the 12^th floor with its own 3,000-square-foot deck.

“We’re very pleased to have a location on the corner of California St.,” Christopher Peatross, president and CEO of Swift Realty, tells GlobeSt.com. “It’s such a beautiful building. You don’t get many opportunities to buy a building like this.”

Peatross was unable to reveal further details about the building and the deal to GlobeSt.com, but industry sources tell GlobeSt.com that the Newhall Building is one of the most historic and iconic buildings in San Francisco. Tenants find it appealing because of the small floorplates and breathtaking views from most of the property, as well as the high window-to-floor ratios. The woodwork, high ceilings, natural light, exposed brick and restored original crown molding, as well as Hobart’s name, are attractive as well. In addition, the elevators open directly onto the suites, lending a certain prestige to tenancy. And lastly, while the building is not located in SoMa, sources say it has a SoMa-like quality to it.

Experts say Swift plans to do a seismic renovation to bring it up to current seismic code, the one value-add the firm is providing for the building, and that current tenants expanding should absorb much of the unoccupied space since occupancy has never been a problem in the building.

As GlobeSt.com had reported in March, Swift had listed two offices on the block in Concord, CA, that were expected to fetch $110 million. Industry sources tell GlobeSt.com that the buildings have not yet sold, adding that Swift has pulled the building from the market with the intention of actively leasing up the unoccupied roughly 200,000 square feet.