Lincoln Property Company and Rockwood Capital have partnered to buy a 45,000sqft office building in San Francisco.
According to sources that track the sale of office buildings, the investors acquired 332 Pine Street for $38m (€32.4m) from Polidev Investments, a Turkey-based investment entity.
Polidev bought the property in early 2014 for $22.2m, according to public documents.
Built in 1912, 332 Pine Street is currently fully let.
Peter Kay, a co-managing partner with Rockwood, said: “332 Pine represents an excellent property to add to our portfolio and exemplifies our focus on acquiring high-quality, well-located real estate in mixed-use environments that benefit from public transportation.
“We look forward to working tighter again with Lincoln to unlock additional value at this project.”
Brandon Wang, an executive vice president at Lincoln Property Company West, said: “The building’s historic architecture, along with its proximity to public transit, will continue to be attractive to the modern workforce.”
