Columbia Property Trust is buying a $250m (€226.8m) US office building from California State Teachers’ Retirement System (CalSTRS) and Beacon Capital Partners.

According to people familiar with the matter, Columbia Property has agreed to buy the 201 California Street office building in San Francisco for more than $10m above the guided $240m price that was set when the property was put up for sale in September of this year.

The current occupancy of 201 California is 97%.

Columbia Property declined a request for comment.

According to public records, CalSTRS and Beacon Capital paid $179m for the property in 2017.

The companies own the BCal joint venture which targets offices in the US. CalSTRS owns 95% of the venture and Beacon Capital owns the remaining 5%.