Hudson Pacific bought the property in 2010 for $93.0 million [1].
The Canadian pension fund bought a 45% stake for $219 million, and Hudson Pacific kept the remaining 55% [2]. So that equivalent $486 million ($474/sqft) valuation was a 5.2x return in 5 years...
Hudson buys that 45% stake back for $43.5 million in 2024, an equivalent valuation of ~$96million or a 1/5th of the prior valuation. The article states that it's because the pension fund "weren’t willing to put any more capital in”.
The SF city is paying $40/sqft for 157,000 sqft, yet 1,025,833sqft the building was valued at building [1] at the equivalent of $94/sqft in that transaction.
Meanwhile, the other building mentioned in that article sold for $72/sqft... so I guess the pension fund didn't do too bad...
[1] https://www.sec.gov/Archives/edgar/data/1482512/000119312510... [2] https://realassets.ipe.com/cppib-kicks-off-hudson-pacific-jo...