Clarion Partners managing director Richard Pink said the company paid $600 per SF for 475 Brannan, and the market's already seeing $800/PSF deals. With rents 30% below maket and cap rates around 4.5%, most of the return is going to come from the exit in five or six years. While Clarion aggressively seeks additional buildings in that $500 to $650 per SF range, it sold 100 Spear in SoMa for $100M, a non-brick and timber, corporate type building it didn't believe could be repositioned. Right now, there's a scarcity premium for "anything that comes to market that looks like it can be repositioned or (where) there's a value-add with bringing rents to market."