California State Teachers’ Retirement System and DivcoWest have come together to acquire a 49% stake in the 199 Fremont Street office building in San Francisco for $186.2m (€167m), according to sources familiar with the matter.
The firm representing DivcoWest declined to comment when contacted for this story.
The remaining interest in 199 Fremont, which has been valued at $380m, will continued to be held by GLL Real Estate Partners. The company would not comment on the transaction.
GLL has owned the building for more than seven years, acquiring it for $234.5m in 2012, according to sources that track the San Francisco office market.
The 401,043sqft office is leased to Stubhub and Fitbit.
A previous version of this story stated that the 49% interest had been acquired for $380m