Paramount Group Inc. closed its acquisition of the Market Center office complex in San Francisco in a deal that valued the asset at roughly $722.0 million.

The office real estate investment trust said it bought the two-building property at 555 Market St. and 575 Market St. via a joint venture that is 67.0%-owned by the company.

The partnership also completed the property's $402.0 million financing with an initial five-year term, with two one-year extension options. The interest-only loan bears interest at the London interbank offered rate plus 150 basis points and was exchanged for a 3.07% all-in fixed rate over the initial term.