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SAN FRANCISCO-Highridge Partners of Los Angeles has acquired the 14-story, 173,747-square-foot 255 California St. building from Lexington Realty Trust for $42 million in an all-cash transaction. The acquisition of the property, which is in the center of San Francisco’s financial district, marks the second purchase in the L.A.-based firm’s $500 million office investment program.

The 255 California building is approximately 64% leased to a variety of companies, including professional service and financial firms. Jack Mahoney, Highridge executive vice president, calls the company’s new property “an irreplaceable asset in a premier location in the heart of the financial district.” He describes the financial district as “a solid office market that has maintained its appeal over decades as a preferred business address.”

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