Office deal to gauge fall in values - San Francisco Business Times:

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a Class A office building on which Co. went into defaulyt late last year. It’s the first distresse sale of a major San Franciscoo downtown office tower duringthe recession, and the transaction is beinb closely watched as a bellwether for how far officr property values have plummeted. A Class A officed building has not sold in San Francisco sinced 235Pine St. traded in October of 2008. That was the only Clasw A downtown office building to sell in the past 18 The note, being sold by , is expecterd to fetch less than $200 a square foot, about half of the $400 a squars foot Lincoln Property paid for the property at the peak of the market in December 2006.
Offers were due June 5, and the note broughrt at least12 offers, according to multiple industryu sources who asked not to be identifieed because they were not authorized to speak. Lincoln has agreeed to deed the property in lieu of foreclosure to the new owned ofthe debt.