SAN FRANCISCO-Kilroy Realty Corp. has purchased 201 Third St. in the South of Market district of San Francisco for approximately $103.3 million. The 311,545-square-foot, 12-story office property is adjacent to the Moscone Center and is currently 90% occupied.
Kilroy plans to complete upgrades to the project over time which are expected to enhance the property’s profile in this dynamic commercial district. “With its prime SOMA location, adjacency to the Moscone Center, proximity to Caltrain, BART and the new Transbay Transit Center and larger floor plates, 201 Third St. is a great fit for the technology and media tenants who see San Francisco as an ideal business location,” says Mike Sanford, vice president of Northern California at Kilroy.
According to Sanford, “The property highlights one of KRC’s key strategies of skillfully repositioning the property’s common areas, amenities and tenant spaces—creating more open floor plans, higher finished ceilings, increased natural light and collaborative meeting areas—which will better accommodate SOMA’s knowledge-based tenant demand.”
According to an unidentified source not involved in the sale, the seller was ADCO Group and Cushman & Wakefield brokered the deal. Including this acquisition, year-to-date Kilroy Realty has acquired six West Coast office projects totaling approximately 1.5 million square feet for an aggregate investment of approximately $516 million. In addition, the company is in various stages of negotiations on three additional acquisitions that would total approximately $163 million. One of those rumored “pending” sales include Sunset Media Tower at 6255 Sunset Blvd., which the unidentified source says is north of $76 million or $243 per square foot.
The company also revealed that it has closed on the sale of 10350 Barnes Canyon and 10120 Pacific Heights, a one-story office/R&D complex in San Diego, for $24 million and is in discussions on approximately $175 million of additional dispositions.
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