U.S. Paramount closes $227 million purchase of San Francisco office building

U.S. Class A office properties operator and manager Paramount Group Inc. has closed on the purchase of 111 Sutter Street, a 293,000 square foot historic, office building located in North Financial District, San Francisco.

Concurrently with the completion, the company brought in a joint venture (JV) partner to buy a 51 percent of the equity interest.

Paramount will retain the remaining 49 percent equity interest and manage and lease the property. The acquisition price was $227 million, or about $775 per square foot.

In connection with the deal, the JV finalized a $138.2 million financing of the asset.