Japanese investor buys San Francisco office
A partnership between Japan-based Takenaka Corp. and Kennedy Wilson has acquired 400/430 California St. in the North Financial District submarket of San Francisco for $135 million.
Kennedy Wilson invested $13.5 million in this transaction.
The property, a 247,000-square-foot office tower and 27,000-square-foot bank branch, is 100 percent occupied by MUFG Union Bank, which will lease back 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.
Kennedy Wilson and Takenaka’s first real estate transaction occurred in 1996 when Kennedy Wilson sold an office building in Los Angeles on behalf of Takenaka.
The San Francisco market saw $3.86 billion invested in real estate by foreign investors, according to Real Capital Analytics. San Francisco is the third most popular destination for cross-border real estate inves