Nossaman Closes Biggest San Francisco Real Estate Sale Since 2007
San Francisco, CA (June 16, 2010) – Nossaman attorneys recently represented a group of South Korean investors in the purchase of a San Francisco office tower occupied by Wells Fargo & Co. for $333 million, the city's biggest commercial property deal in three years. The last San Francisco single office building to sell for a comparable price was 650 California St., which sold in July 2007 for $300 million.
Korean Teachers' Credit Union and Korean Federation of Community Credit Cooperatives were among the buyers of the 33-story building located at 333 Market Street in San Francisco's financial district. Nossaman real estate attorneys Karla MacCary, Howard Coleman, Allan Ickowitz, and Lauren Valk represented the buyers in the transaction.
The seller, an affiliate of Des Moines, Iowa-based insurer Principal Financial Group Inc., bought the office tower from Wells Fargo in 2006. Wells Fargo leases 100 percent of the rentable space and has a lease that runs to 2026. There are several subtenants who occupy the building with Wells Fargo.
Goodwin Gaw, a Hong Kong based developer and owner of Downtown Properties, helped broker the deal, and will manage the asset through Downtown Properties.