Posted by: BayAreaComRE | January 12, 2010

49 Stevenson Sold

The San Francisco Business Times has reported that 49 Stevenson has sold which is confirmed. Cushman & Wakefield has also been retained as the listing agent for the building.

Steven Pan (#34 on Forbes wealthiest from Taiwan) is re-entering the U.S. market after a nearly 10 year hiatus and it couldn’t have come at a better time given the bottoming of the market.

“The sale price [of $24.2 Million or roughly $190 a square foot] would be consistent with the other two similar second-tier downtown buildings that have sold in the last six months. In November the Shorenstein family bought 188 Spear St. for $170 a square foot, a 56 percent drop from the $385 a square foot, or $56.9 million, the city assessed the 147,000-square-foot property for the last fiscal year. Another Class A financial district building that sold last year, 250 Montgomery St., traded for $172 a square foot, also a 56 percent drop from its previous sale in 2006.”

The full story can be found here.

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