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A San Francisco real estate investor that recently announced plans to buy tech and life science properties has acquired a Fort Point office building for $74.6 million.

GI Partners acquired the property, which includes 110,000 square feet of office space on nine stories, from Zurich Alternative Asset Management. The price equates to $672 per square foot.

In July, GI Partners announced the launch of its open-ended Essential Tech + Science Fund which will focus on acquisitions of life science, R&D and data center properties.

The brick-and-beam building is part of the former Boston Wharf Co. industrial portfolio and was renovated by a previous owner, Boston-based Synergy Investments, between 2012 and 2014, attracting the headquarters of apparel company Life is Good.

Average asking rents in the 12.3 million-square-foot Seaport District office submarket were $61.61 per square foot on a gross basis at the end of the second quarter, according to CBRE’s MarketView report. Availabilities rose to 14.6 percent after 83,000 square feet of negative absorption during the quarter.

Fort Point Office Building Sold to San Francisco Investor

by Steve Adams time to read: 1 min
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