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1/03/17
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A joint venture between Kennedy Wilson and Takenaka Corporation has acquired an office/retail property in San Francsico’s North Financial District for $135 mil. The property, 400/430 California Street, consists of a 247k sf. office tower and a 27k sf bank branch.
The property is 100% occupied by MUFG Union Bank, who will leaseback the property and vacate the tower over the next two years on a staggered basis and the bank branch after four years. The property will subsequently undergo a complete interior renovation.
Situated in San Francisco’s financial district, 400 and 430 California Street is a Class A property that provides excellent views of the San Francisco skyline, with a 10k sf deck over the roof of the bank branch and three additional exterior decks. The bank branch was designated a landmark of San Francisco in 1968.
The property has a premiere location with close access to the California Street cable car line, two BART stations, and is a short walk to the Ferry Building. Kennedy Wilson’s asset management strategy includes a full-scale repositioning of the property, including a renovation of the lobby and other interior upgrades.
Kennedy Wilson invested $13.5 mil in this transaction. The Takenaka Corporation was advised by James Andrew International in the deal.
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