San Francisco-based SPI Holdings purchased 1 Powell Street from Wilson Meany Sullivan for an undisclosed price.  The timing and change of ownership are both significant, with renovation of the 1921 Bank of Italy world headquarters tracking for completion by month's end.

"We paid a very competitive price," said Dennis Wong, managing director of SPI Holdings. Wong said the building sparked his interest because he needed to invest proceeds from an office building sale in Irvine. Wilson Meany was exploring a number of options -- including refinancing -- but reviewed a number of purchase offers and accepted Wong's.

Said Partner Chris Meany: "Selling the building is somewhat bittersweet, but from a business standpoint I don't think it could have worked out better for us. I hope it was a good deal for Dennis -- it was a very good deal for us."

Since Wilson Meany Sullivan purchased the historic property two years ago, they have spent $35 million renovating it. The overhaul includes seismic retrofits, installing a new floor and converting the 90,000-square foot building to 25,000 square feet retail and 49 rental apartments. Architectural highlights -- like the gilded, coffered ceiling and the 20 foot arched windows -- were preserved and enhanced. A Bank of America branch continues to operate below the street level.

The retail tenant -- hipster clothier Forever 21 -- is slated to open in the next two weeks and apartment leasing will begin this spring.

SPI Holdings will have the option to convert the apartments to condominiums at a later date, although Wong said he doesn't expect to explore that option in the immediate future.