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Wednesday, 14 July 1999

Teachers In Talks to Buy San Francisco Office Building

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July 15, 1999

SAN FRANCISCO — Teachers Insurance is said to be negotiating to buy 88 Kearny Street, a 210,000-square-foot office building in the city's downtown.

Although Teachers would not confirm or deny a deal, the San Francisco Business Times reported that the pension fund could pay between $65 million and $67 million, or up to $320/sf for the building.

Seller Jaymont Properties, the San Francisco-based investment company, is also said to be considering the sale of other properties. Jaymont is controlled by the Jameel family of Saudi Arabia. The family is said to be in the midst of liquidating its U.S. assets.

Jaymont was represented in the sale by Greenwich Group International.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Francisco
  • States: California
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
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