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A limited
liability company, The Phelan Building LLC, has purchased the
11-story landmark at 760 Market Street, according to a source
who spoke on condition of anonymity.
Chinese investors pumped $17 billion into U.S. commercial
property in the first five months of this year, on pace to
surpass the record $21.4 billion in 2015, Cushman & Wakefield
said. Half of the investment this year has been in office
buildings and majority of the remainder in hotels, C&W said.
Cushman & Wakefield represented the buyer.
Thor Equities through one of its two urban property funds
purchased the building in 2008 for $130 million and spent $40
million renovating the site by creating wide-open floor space
from the small offices that jewelers had occupied.
The time was right to sell the building, said Thor Equities
chief executive Joseph Sitt in a statement.
Office tenants at the building include online credit site Credit
Karma and Medium, an online publishing platform founded by
Twitter co-founder Evan Williams.
The triangular-shaped building is reminiscent of the Flatiron
building in New York and was built after the original structure
was destroyed by the fire in the 1906 earthquake.
(This story has been refiled to clarify that buyer only has
historic ties to Hong Kong.)
(Reporting by Herbert Lash; Editing by Alistair Bell and Clive
McKeef)
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