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9/01/23
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The Swig Company and SKS Partners have completed the purchase of 350 California, a headquarters-quality, Class A office tower in the heart of San Francisco’s financial district. The seller was Mitsubishi UFJ Financial Group (MUFG).
350 California was built in 1976 and has been extensively renovated in the last seven years, including significant upgrades to lobby and tenant amenities, as well as seismic, elevator, and building systems. In addition to a large, open lobby there is an expansive, wraparound tenant amenity center on the mezzanine level. The mezzanine features a conference center, game room, common area lounge areas, a kitchen, and a living (green) wall.
The 22-story office building totals 297.6k sf and averages roughly 16k sf floorplates, which hits a sweet spot for much of San Francisco’s current and historical tenant demand. The building offers sweeping upper-floor views, proximity to BART and other public transportation, and a wide range of neighborhood restaurants including the legendary Tadich Grill and PABU Izakaya. The property is also just several blocks away from both the Embarcadero and Montgomery BART stations.
MUFG will remain a tenant in approximately a third of the leasable space, providing immediate in-place income, and SKS and The Swig Company will market the remaining space to tenants seeking a high-quality California St address. The Swig Company will evaluate continued sustainability improvements and certifications to the building in alignment with the company’s carbon reduction goals.
Kyle Kovac, Michael Taquino and Giancarlo Sangiacomo with CBRE represented the seller in the transaction. The price was not immediately given out.
350 California is nearby some of The Swig Company’s other San Francisco assets, including The Mills Building, 369 Pine Street, and the Russ Building, in which the company also has an ownership interest. In 2020, The Swig Company completed the redevelopment, repositioning, and lease-up of 633 Folsom St., the headquarters of Asana.
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