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According to a report from the San Francisco Business Times, Flynn Properties is currently in discussions to acquire a $416.5-million loan backed by Paramount Group’s Market Center. This potential deal would mark the largest office transaction in post-pandemic San Francisco. Sources familiar with the negotiations have revealed that Flynn is considering a purchase price of around $230 per square foot, which would put Chevron’s former downtown headquarters at an estimated value of $170-180 million.
The article also states that if this debt acquisition were to go through, it could potentially lead to Flynn taking ownership of Market Center either through foreclosure or by working with Paramount Group on a deed-in-lieu transaction. The Manhattan-based company defaulted on their loan for Market Center earlier this year.
Paramount’s lenders, led by Amsterdam ING, have reportedly been exploring options for selling off the debt since late last year and have enlisted Eastdil Secured as their advisor in this process.
This news was originally reported by Connect CRE.
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