Invesco said to pay US$291m for San Francisco office tower

[SAN FRANCISCO] Invesco Ltd, which has more than US$767 billion under management, agreed to buy a 26-storey office tower in San Francisco as the city retains its ranking as one of the most desirable global investment markets.

The acquisition price for 101 Second St is US$291 million, according to a person familiar with the sale who asked not to be identified because the terms are private. At US$750 a square foot, it's San Francisco's most expensive deal for a stabilised office property in the past year, the person said. The tower at Second and Mission streets, completed in 2000, is 90 per cent leased.

"It was a very competitive process but an asset we think makes a lot of sense to own long-term as this location and quality is rarely found in San Francisco," Greg Kraus, a managing director at Atlanta-based Invesco, said in an e-mail. He declined to comment on the price.