SAN FRANCISCO — Clarion Partners has acquired a 155,000-square-foot office building in San Francisco for $107 million. The 11-story building is located at 60 Spear St. in the South Financial District.
The property was built in 1967. It has undergone substantial upgrading, which has included improvements to thelobby, the addition of creative office space and 14-foot ceilings.
Notable tenants include Starbucks, France Telecom and Rodan & Fields. Clarion expects rent growth to average 4.9 percent annually between 2014 and 2018, according to the firm’s proprietary research.
“There’s a great deal of both investor and tenant demand in San Francisco for a property of this quality,” says Richard Pink, a managing director at Clarion Partners.
“60 Spear’s central location south of Market Street coupled with strong market fundamentals make this an excellent addition to our portfolio in San Francisco.”
New York-based Clarion Partners is a U.S. real estate investment manager. The company has about $30 billion worth of total assets under management.
— Nellie Day