December 21, 2016
Beverly Hills, CA-based Kennedy Wilson acquired 400/430 California Street in San Francisco in a joint-venture with Japan’s Takenaka Corp. for $135 million. The 247,000-square-foot North Financial District office asset and 27,000-square-foot historic bank branch was sold by Union Bank.
The property is 100% occupied by MUFG Union Bank, which plans to leaseback the property before vacating the tower in stages over the next two years and the bank branch after four years. The property will subsequently undergo a complete interior renovation.
The transaction marks the first joint-venture between the two firms, though Kennedy Wilson sold an office building in Los Angeles on behalf of Takenaka in 1996.
James Andrew International advised the Takenaka Corp. on the transaction. CBRE’s Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, and Seth McKinnon had been engaged by the bank to handle the asset sale.
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