Bisnow Scoop: SoMa's Latest Mega Purchase
It's 405 Howard, aka Foundry II, and we've got the details on the buyer and suspected sales price.
Sources tell us TIAA-CREF, or Teachers, is set to buy the 10-story home to Orrick law firm and others. The speculated price is $800/SF, which would be well north of $400M, but Bisnow has not yet confirmed a number. The seller is a partnership between Langley Investment Properties and GE Asset Management (Langley's Blake Peterson declined to comment). Teachers just picked up another biggie downtown: the KPMG Building, for $740/SF. Another major tenant in the Orrick Building is Moody's, which has been scouring other downtown and Oakland buildings for a possible new locale. BOMA bestowed one of its Bay Area Innovative Earth Day Awards on the 12-year-old property this year for its minimized solar loads; janitorial staffs close window shades during the weekends.
