Transactions - APRIL 1, 2021

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KKR to buy San Francisco office tower for $1b

by Andrea Zander

Kilroy Realty Corp. (KRC) has signed a definitive agreement to sell The Exchange on 16th, the company’s 750,000-square-foot office property located at 1800 Owens Street in San Francisco’s Mission Bay neighborhood, for a purchase price of $1.08 billion or approximately $1,440 per square foot.

IREN reported the sale earlier in March; however, the seller was not disclosed. The new owner of the office is KKR.

Longfellow Real Estate Partners, a life science–focused, vertically integrated real estate developer and manager, will work with KKR to operate the property. KKR is making the investment through its core-plus real estate strategy.

Built in 2018 in the heart of San Francisco’s highly desirable Mission Bay submarket, The Exchange is a center for life sciences and technology on the West Coast, comprising four interconnected buildings. The property’s state-of-the

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