Parsippany, New Jersey-based Prudential Real Estate Investors (PREI), the real estate investment management arm of insurance giant Prudential Financial, has bought a Class A office property in San Francisco from Clarion Partners.
According to a statement from Clarion, the New York-based real estate investment manager sold 100 Spear Street, a 21-story office tower in San Francisco’s central business district, for $100 million. Although Clarion declined to disclose the name of the buyer, a report from Bloomberg reveals the buyer to be PREI.
One source told PERE that PREI bought the asset on behalf of one of its core investment funds. Representatives from PREI could not be reached for comment.
The 203,260-square-foot building currently is 92 percent occupied. Tenants include asset management firm Needham & Company, commercial real estate firm Kidder Mathews and law firm Kerr & Wagstaffe. Clarion recently completed a refurbishment program that renovated the main lobby, remodeled multi-tenant floors, upgraded the elevators and improved fire-life safety features.
Mark Weld, a managing director at Clarion Partners, said in a statement: “San Francisco is a dynamic marketplace where we recently have executed on opportunities on both the buy and the sell side and expect to continue to do so.”
Separately, data provider Real Capital Analytics reports that PREI is amidst buying Sabadell Financial Center at 1111 Brickell Avenue in Miami. Although a price hasn’t been disclosed, the 30-story, 525,000-square-foot office building last sold for $133.1 million in 2002.