SAN FRANCISCO-A well-leased, 82,848-sf building in San Francisco’s South of Market Showplace Square District has changed hands for approximately $26 million, according to the listing brokerage firm, Grubb & Ellis. LBA Realty of Irvine, CA acquired the asset from locally based Flynn Properties.

Located at 600 Townsend St. East, the three-story brick-and-timber building with underground parking was built in 1908 and fully renovated in 1985. The building is approximately 97% leased. The largest tenant is ReadiSuite, an executive suites company whose lease runs into 2011. Daniel Cressman, Edward Suharski and John Jensen of Grubb & Ellis in San Francisco had the disposition assignment.

Flynn president Greg Flynn tells he acquired the building in 1996 for $4.8 million. At the time, it was being used as a contract furniture showroom. “It was largely empty,” he says. “We repositioned it as an office building.”

When asked why he chose now to liquidate the asset, he says the ownership entity was an old partnership and prices are high right now. “It was a good time to sell; it’s almost a ridiculous gain,” he says. “But the buyers did not overpay; we were just lucky enough to buy when the market was terribly distressed.”

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