X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Litke Properties has acquired 350 Sansome St.. The local company paid $23 million, or $200 per sf, for the 115,481-sf office building in the Downtown financial district. The seller was a joint venture of Blackstone Real Estate Advisors and McCarthy Cook & Co.Originally built in 1952 by Cahill Construction, 350 Sansome St. received cosmetic renovation in 2002. The building is 85% leased. Tenants include Federal Express, Ecology and Environment, NFO Research, Amnesty International and Stewart Title.Litke’s website lists only apartment properties. Company executives could not be reached Friday for comment on whether this is a new product type for the company. The brokerage firm in the transaction, Colliers International, says Litke acquired the building as an investment opportunity.Colliers senior vice presidents Tony Crossley and Tim Maas handled both sides of the transaction. Crossley was not available Friday for comment. In a prepared statement, he says the attractiveness of the building‘s location and tenant base attracted 15 offers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.