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According to sources, Flynn Properties is currently in negotiations to acquire a $416.5-million loan that is backed by Paramount Group’s Market Center. This potential transaction could become the largest office deal in San Francisco since the pandemic began.
Sources familiar with the discussions have revealed that Flynn Properties is considering a purchase price of around $230 per square foot for Market Center, which would put Chevron’s former downtown headquarters at an estimated value of $170 million to $180 million.
The San Francisco Business Times has reported that if this debt acquisition were successful, it would give locally based Flynn Properties ownership over Market Center. This could be achieved through either foreclosure or by working with Manhattan-based Paramount Group on a deed-in-lieu transaction.
Last summer, Paramount Group defaulted on their loan and now Amsterdam ING and other lenders are looking into selling off the debt. They have enlisted Eastdil Secured to assist with this process.
This news was originally reported by Connect CRE.
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