Rockpoint Group has completed the acquisition of a San Francisco office building for $287.5m (€271m), according to industry sources.
The 100 Pine Street office building was previously owned by the Alaska Permanent Fund Corporation through a separate account managed by LaSalle Investment Management.
Rockpoint would not comment.
The pension fund had owned the property since 2005 when LaSalle paid $149m.
LaSalle did not comment.
Over half of current leases in the property will come up for renewal in the next four years.
When the asset was brought to the market for sale last year, the rents in the building were 23.4% below the level of current market rents.
The current occupancy of the building is 95%. Tenants in the building include Republic Indemnity, Simpson Gumpertz, Artisan Partners, BNY Mellon and Lifelock.
Overall, 62.7% of the tenants are a mixture of finance, insurance and real estate-related companies.
Technology firms, which has been the major growth sector of the San Francisco office market over the past several years, make up less than 10% of the asset.
The seller invested more than $12.5m in improvements over the last 10 years.
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