SAN FRANCISCO-50 Beale St., a distinctive,class-A office tower in the SouthFinancial District, is off the block since a joint venturebetween the Rockefeller Group andMitsubishi Estate New York has closed on theacquisition. While the parties involved declined to reveal the saleprice to GlobeSt.com, industry sources unrelated to the deal say itwas rumored to sell for $300 million and that the seller was ajoint venture between Fortress Investment Groupand Lehman Brothers Holdings Inc. The seller wasadvised by Eastdil Secured.

The property, completed in 1968, is 662,060 square feet and hasundergone extensive renovations as recently as this year. TheLEED-EB-certified building is approximately 90% occupied by majorcorporations including Bechtel and BlueShield of California. It was designed by SkidmoreOwings & Merrill LLP and built as the headquarters forBechtel.

The 23-story building is located at the intersection of Bealeand Mission sts., two blocks from the future site of theTransbay Transit Center, a $4.2 billiontransportation project. As GlobeSt.com previously reported, higher-density developmentsaround urban transportation facilities like Transbay Transit Centeris a resurgent trend in some of the larger California cities suchas San Francisco, Los Angeles and even parts of San Diego,according to industry experts.