Government of Singapore Investment Corp. is investing in a 30-year-old San Francisco office tower that’s valued at about US$900 million (1.1 billion), according to one person with direct knowledge of the transaction.
GIC, as the Singapore sovereign wealth fund is known, is part of a group that’s buying 101 California Street in San Francisco’s financial district, the person said, declining to be identified because the information isn’t public. The fund declined to comment in an e-mailed statement.
The 48-story, 1.2 million-square-foot building is owned by Nippon Life Insurance Co. and its partner Hines. Hiroyuki Kuboki, spokesman for the Osaka-based insurer, declined to comment on a possible sale. James Buie, chief executive officer for the western region at Hines, which developed the property, also declined to comment in an e-mail.
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