Carlyle Realty of Newport Beach, the commercial real estate arm of the Washington, D.C., investment group Caryle Group, said Tuesday it acquired a 25-story building in downtown San Francisco from Polylinks International Ltd. for $67 million.
The Bank of the West building, a 280,000-square-foot structure on Montgomery Street, is Carlyle's first foray into that downtown market. The building, which serves as a corporate headquarters for the state's fifth-largest bank, includes tenants such as American Express and MCI and is 95% occupied.
The purchase represents Carlyle's second major acquisition in less than a month. The company bought twin nine-story buildings in Torrance, called Gateway Towers, for more than $50 million. That site, serving for years as Nissan Motor Corp.'s local offices, was purchased from the auto maker's U.S. real estate affiliate.
Carlyle owns 23 million square feet of office, industrial and retail space nationwide, including 2 million square feet in the Bay Area. The company's assets have been valued at more than $3.5 billion.