IStar/Safehold And Korea Asset Investment Management Acquire Office Building In San Francisco For $182.5M

The office property located at 350 Rhode Island in San Francisco has been sold in a transaction that took place on December 31, 2021. The property, spanning an area of 127,100 square feet, was acquired by iStar/Safehold & Korea Asset Investment Management. The seller in the deal was PRP Real Estate, represented by Paul Dougherty. The sale was facilitated by Adam Lasoff and Rob Hielscher from JLL. The transaction closed at a price of $182,500,000, resulting in a price per square foot of $1,435.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $182,500,000
• Address: 350 Rhode Island, San Francisco
• Market: San Francisco
• Buyer: iStar/Safehold & Korea Asset Investment Management
• Seller: PRP Real Estate - Paul Dougherty
• Brokers: Adam Lasoff & Rob Hielscher - JLL
• Square Footage: 127,100
• Price per Square Foot: $1,435

The transaction involved several parties, with iStar/Safehold & Korea Asset Investment Management emerging as the buyers of the property. On the other side of the deal, PRP Real Estate, represented by Paul Dougherty, acted as the seller. Adam Lasoff and Rob Hielscher, both from JLL, played critical roles as brokers in facilitating the transaction.