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Digital Realty sells San Francisco data center building for $95M

Digital Realty Trust Inc. sold a mostly vacant data center building in San Francisco's SoMa district to Madison Capital and PGIM Real Estate for $95 million, the San Francisco Business Times reported.

The price translates to about $592 per square foot for the five-story, 160,451-square-foot 360 Spear St. property, which Digital Realty purchased in 2011 for $82 million, or roughly $511 per square foot. The building features approximately 50,000 square feet of office space, with the remaining area dedicated for life science and light industrial purposes.

The asset's new owners intend to redevelop the property into a creative office, life sciences and technology hub, the Oct. 8 report added, citing Alfonso Munk, PGIM Real Estate's Americas chief investment officer.