In December 2016, Kennedy Wilson joint-ventured with the Takenaka Corporation, one of the most established and respected firms in the world, to acquire 400/430 California Street for $135 million.
400/430 California Street Story:
400/430 California Street (the “Property”) is located in the heart of the Central Business District of San Francisco, California. The Property consists of an iconic, 27,348 square foot Bank Branch and a 21-story, 246,919 square foot Office Tower. The Office Tower was developed in 1965, while the Bank Branch was constructed in 1908 and is currently the 3rd building on San Francisco’s Designated Landmark List.
The Property was previously owned by Union Bank, a subsidiary of UFJ Mitsubishi Financial Group, who leased back the Property after sale. Union Bank will be vacating the Office Tower on a staggered basis by 2019, and the bank branch by 2021. Kenney Wilson’s asset management strategy includes a full-scale repositioning of the property, including a renovation to the lobby and other interior upgrades, with the goal of attracting credit worthy tenants.
Kennedy Wilson and Takenaka’s first real estate transaction occurred in 1996 when Kennedy Wilson successfully sold an office building in Los Angeles on behalf of Takenaka.
