March 18, 2016
Los Angeles-based Kilroy Realty Corporation (KRC) acquired a 1.75-acre site at 5th and Brannan St. for its $1.5-billion Flower Mart development in San Francisco’s SoMa neighborhood. KRC purchased the site from a private family for approximately $31 million in cash and 867,701 Kilroy Realty, L.P. operating partnership units.
Kilroy plans to develop 2.1-million square feet of mixed-use office, retail and flower mart space. Plans for the project include a dynamic mix of creative office, market hall style retail, and revitalized wholesale flower mart, surrounded by a central public plaza that embodies the rich urban history of the area.
The company now owns a total of approximately seven acres. Kilroy has been working on the land assemblage for several years, and completed the acquisition of the first parcel in late 2014.