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Harel Insurance JV with US REIT buys San Francisco building stake for $110M

Israel-based Harel Insurance Investments & Financial Services Ltd. and an unnamed U.S. real estate investment trust acquired a 49% stake in an office building in San Francisco's financial district for $110 million, Reuters reported, citing the company.

The 26-story building spans 400,000 square feet and is 87%-leased, with an international accounting firm occupying a significant portion of the property.

Harel said the REIT has an enterprise value of more than $8 billion and the two companies have made a number of joint transactions in the past, the newswire added.