Transactions - AUGUST 31, 2016

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Norway’s SWF invests $453m in San Francisco office assets

by Andrea Waitrovich

Norges Bank Real Estate Management, which invests on behalf of Norway’s Government Pension Fund Global, has agreed to invest in two office buildings in San Francisco.

Norges Bank will acquire a 44 percent common equity interest in two Kilroy Realty Corp. companies that own two office properties in San Francisco. The sales price is $452.9 million, valuing the two properties at $1.16 billion. Kilroy Realty is retaining a 56 percent common equity share in the joint ventures, and will continue to manage the two properties.

The properties are located at 100 First St., totaling 466,000 square feet, and 303 Second St., totaling 747,000 square feet, in San Francisco’s South of Market district. The investment in 100 First St. closed Aug. 30, and the investment in 303 Second St. is scheduled to close during fourth quarter 2016.

This is not the first investment by Norway’s sovereign wealth fund in San Francisco. In 2015,

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