SAN FRANCISCO-Seagate Properties of San Rafael has paid $67 million the 190,000-sf Adam Grant Building at 114 Sansome St. Downtown, according to the listing brokerage firm, Grubb & Ellis Co. The seller is a subsidiary of Miami-based Bayview Financial, which paid $49 million for the property in late 2005.

Built in two phases in 1908 and 1926, the 14-story Financial District building has 17,000 sf of retail space, 163,000 sf of office space and 9,000 sf of storage space. The retail is anchored by Walgreens and Wells Fargo. The office space was 35% leased at the time of sale, according to G&E. The building received some $15 million in improvements shortly before its sale in 2000.

Bayview Financial’s subsidiary acquired the building in December 2005 from an entity of Spear Street Capital. Bayview’s stated plan at that time was to sell off the building floor-by-floor as one of the Financial District’s first commercial condo conversions. The company decided to sell the asset as a whole after a year of marketing produced few interested buyers.

Robert Dumas and Patrick Hubbard of Grubb & Ellis’ San Francisco office have the disposition assignment. Dumas has sold the building five times in his career. Dumas and Hubbard are marketing the office space for lease for the new ownership, which was represented in its acquisition by Rick Limpert of Grubb & Ellis’ San Francisco office.

The asking rate for space in the building ranges from the mid $30s per sf to the high $40s pr sf depending on the floor. The rate assumes a tenant improvement allowance of between $20 and $50 per sf, depending on the existing finish in any particular space. Dumas tells there are currently three leases under negotiation that, if inked, would soak up about 20,000 sf.

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