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 (鈧�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: 鈥�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.
鈥淲e look forward to working tighter again with Lincoln to unlock additional value at this project.鈥�
Brandon Wang, an executive vice president at Lincoln Property Company West, said: 鈥淭he building鈥檚 historic architecture, along with its proximity to public transit, will continue to be attractive to the modern workforce.鈥�
