Heitman Pays $73M for Trophy SF Office Building

By Timea Papp

500 Pine

Heitman has completed the acquisition of 500 Pine, a roughly 56,000-square-foot trophy office asset in downtown San Francisco. The building changed hands for $73 million, according to Yardi Matrix. HFF represented the seller, a joint venture between Gemdale USA Corp. and Lincoln Property Co., and also procured the buyer.

Nationwide facilitated the transaction with $29.2 million in acquisition financing. Located at 500 Pine St., in the city’s central business district, the property was completed in 2017. The LEED Gold-certified building is among the newest office developments in San Francisco’s North Financial submarket.

Creative office space

Spanning five stories, 500 Pine features creative office improvements with open floor plans and floor-to-ceiling windows. Amenities include a rooftop balcony, on-site parking with bike room and showers. The fully stabilized asset is 100 percent leased to CVS and Blend.

The HFF advisory team working on behalf of the seller included Senior Managing Directors Michael Leggett and Gerry Rohm, Senior Directors Ben Bullock and David Dokko and Director Thomas Foley.

Situated on the corner of Pine and Kearny streets, 500 Pine features a Transit Score and Walk Score of 100. The property provides immediate access to all forms of public transit, including BART and MUNI, and is within close proximity of many restaurants, hotels, cafés and prominent corporate neighbors.

Image courtesy of Yardi Matrix