An Atlanta company has made moves to purchase prime San Francisco commercial real estate on behalf of an unnamed, offshore individual or company. So reports The Registry, which notes that Invesco Real Estate is under contract to purchase Piers 1.5, 3, and 5 for a total of $82.5 million.
If finalized, the purchase of the San Francisco-based Pacific Waterfront Partners-owned property would make that commercial real estate the most expensive in the city at $1,000 per square foot. The total square footage involved is 82,526, with, according to the property's website, 60,000 of that being commercial office space.
The sale has not yet closed, and none of the parties involved responded to The Registry's request for comment.
The piers, near the Ferry Building, are home to numerous public-facing businesses as well as the more prosaic upstairs office space. The James Beard Award-nominated Spanish restaurant Coqueta, for example, is inside of Pier 5. It is unknown how, if at all, a purchase would impact the restaurant or other businesses.