Investor Drops $185 Million on Prime San Francisco Office Building

The Walnut Hill Group is a San Francisco-based real estate investment company committed to investing, owning, and operating a real estate portfolio composed of various asset types in strong primary markets. The company focuses on target markets including San Francisco, New York, Washington DC, Boston, and Los Angeles.

Recently, in partnership with a Taiwanese family, Walnut Hill bought 150 Spear St., an 18-story, 264,492 square-foot office tower, located in San Francisco’s South Financial District. The price paid to Principal Real Estate Investors, which bought the tower in 2007 for $142.5 million, was $185 million, or about $700 per square foot. Principal sold the property through the San Francisco office of Cushman & Wakefield. The listing agents were Seth Siegel and George Eckard.

The Class-A, LEED certified building was originally constructed in 1981. When it was first acquired, the property was 72 percent occupied. At the time of the sale, the asset was 91 percent full. Some of its commercial tenants include: ICR, Vox Media, Castlight Health, Freeland Cooper & Foremand, Brigherion, Roper, Majeski, Kohn & Bentley, Lululemon, Athletica, OneLogin, Forrester Research, Specialty’s, Gartner, Krauter Group, Inside Track, Nasdaq Stock Market, Spring Studio, Confirmit, Phoenix Age, and TMP Worldwide Advertising.

Walnut Hill was founded in 2011 by its managing principals, Albert C. Hwang and Jimmy G. Park. Prior to joining Walnut Hill, Mr. Hwang was a partner at the law firm of Troutman Sanders LLP, where his primary practice areas included Commercial Development & Real Estate Investments and International Law. Prior to Walnut Hill, Mr. Park was a Vice President of Acquisitions at Beacon Capital Partners, LLC where he primarily focused on west coast acquisitions and dispositions.

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