September 1, 2016 Comments Off on Norwegian Fund Claims $453M Stake in Pair of Kilroy’s SoMa Assets Views: 695 Bay Area, California News, West

Norwegian Fund Claims $453M Stake in Pair of Kilroy’s SoMa Assets

Norwegian-based Norges Bank Real Estate Management reportedly paid $452.9 million for a 44% stake in a Kilroy Realty Corp. entity that owns a pair of San Francisco assets.  The properties include 100 First Street and 303 Second Street, which Kilroy acquired in 2010 for $196 million and $233 million, respectively.

The two SoMa properties were valued at $1.155 billion. Kilroy Realty, which previously owned 100% of the assets, is retaining a 56% common equity share in the joint ventures, and will continue to manage the two properties.

100 First Street is a 27-story, Class A, 466,000-square-foot office building built in 1988. 303 Second Street is a twin-tower, 9- and 10-story asset encompassing 747,000 square feet of space that was also built in 1988.

HFF’s Michael Leggett and Gerry Rohm handled the investment transaction.

303 Second Street

303 Second Street

100 First Street

100 First Street

Read More at Norges Bank

Connect with HFF’s Leggett

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For comments, questions or concerns, please contact Dennis Kaiser

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