SKS purchases 350 California St. in downtown San Francisco for discounted price

SKS Real Estate Partners will pay up to $67.5 million to buy the office tower at 350 California St., a discounted price that could reset office prices across San Francisco, according to multiple media outlets.

SKS Real Estate Partners teamed up with South Korean entity Genesis for the purchase. The seller of the 22-story, glass-and-stone tower was Mitsubishi UFJ Financial Group, based in Tokyo. Union Bank, previously owned by Mitsubishi UFJ, once occupied the entire building. Mitsubishi UFJ sold Union Bank to U.S. Bancorp in December.

In July 2020, the 297,642-square-foot office building sold for $250 million, or roughly $840 per square foot. According to sources who track sales transactions across the broader San Francisco Bay Area, the buyers will pay in the low $200s per square foot.

A total of $41.2 million has been invested into the property during the past few years. Some of the work done to the property included an ongoing seismic program and several buil