SAN FRANCISCO (CBS SF) — A 750,000-square foot San Francisco office complex in the Mission Bay neighborhood is set to sell for a record $1.08 billion, according to the realty company that put the property on the market.
According to a press release issued regarding the sale, the Kilroy Realty Corporation has signed an to sell the office property located at 1800 Owens Street — known as the Exchange on 16th — for a purchase price of $1.08 billion or approximately $1,440 per square foot.
“This is a resounding sign that people are still excited to be a part of San Francisco and its future. I want to thank Kilroy Realty for their ongoing partnership and collaboration, and recognize them for how they continue to use their development expertise to move forward positive projects that help our economy grow and support the future of our City,” San Francisco Mayor London Breed said in the press release.
Brokers are reporting the sale as the highest per-square-foot price for a major property in the city’s commercial real estate market. According to the release, the transaction is in escrow and expected to close by the end of March.