Blackstone Sells San Francisco Office Building To LBA Realty For $25.35M

A San Francisco office building located at 650 7th Street has been sold by Blackstone to LBA Realty for $25.35 million. The property spans 82,862 square feet and was sold at a price of $306 per square foot. The sale price represents a significant decrease from the previous purchase price of $50.47 million, which was paid seven years ago.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $25,350,000
• Address: 650 7th Street
• Market: San Francisco
• Seller: Blackstone - Stephen A. Schwarzman
• Buyer: LBA Realty - Phil Belling
• Square footage: 82,862
• Price per square foot: $306

This sale reflects a current trend in the San Francisco office market, where properties are being sold at substantial discounts. Despite a high vacancy rate of around 34% in the third quarter, this trend could lead to lower rents and the attraction of new tenants to the area.