The two properties — located at 77 Beale St. and 245 Market St. — were allegedly the subject of a bidding war between several high-profile firms, just missing the mark of their initial $1 billion valuation due to necessary renovation investments.

PG&E Relocates to Oakland; Hines Bets on San Francisco Office Market

Hines Global Income Trust Inc. — a public REIT also affiliated with Hines — recently made the news with its acquisition of 1015 Half St., a 396,000-square-foot trophy office space in Washington, D.C. Back in San Francisco, Hines is also developing Parcel F, one of the planned additions to San Francisco’s skyline. The skyscraper will stand right next to the Salesforce Transit Center and will include 275,000 square feet of San Francisco Office space, as well as 165 condominium units and 189 hotel rooms. In addition to the recent acquisition and the property under development, Hines has a total of 11 San Francisco properties in its portfolio.

The post Hines Fund Pays PG&E $800M for San Francisco Office Property appeared first on PropertyShark Real Estate Blog.