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PRP Sells 350 Rhode Island Street Office Building in San Francisco for $182.5M

350-Rhode-Island-St-San-Francisco-CA

The City and County of San Francisco occupy the 127,100-square-foot office building at 350 Rhode Island St. in San Francisco. (Photo credit: Hawkeye Photography; Image courtesy of JLL)

SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco.

PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously.

The City and County of San Francisco occupy the 127,100-square-foot building under a lease that goes through 2033. Originally built in 2002, the building was redeveloped in 2019 for the city’s tenancy.

Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson of JLL Capital Markets handled the transaction.




Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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