SKS Real Estate Partners Acquires 350 California Street Office Tower In San Francisco's Financial District For $61M

The 350 California St. office tower in San Francisco's Financial District has been acquired by SKS Real Estate Partners for $61 million. The deal was completed with the seller, Mitsubishi UFJ Financial Group. This transaction marks a substantial drop in building values, as it reflects a 75% decrease from the initial asking price of $250 million three years ago. The impact of rising office vacancies in the city is evident in this significant price reduction.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $61,000,000
• Square Footage: 300,000 SF
• Price per Square Foot: $203
• Address: 350 California Street, San Francisco
• Market: San Francisco

The acquisition of the 350 California St. office tower involved key individuals and companies in the deal. SKS Real Estate Partners, represented by Paul Stein, teamed up with Swig Co., represented by Connor Kidd, to acquire the property. The seller, Mitsubishi UFJ Financial Group, was represented by brokers Kyle Kovac, Mike Taquino, and Giancarlo Sangiacomo from CBRE. This collaboration between real estate companies and brokers illustrates the complexities of the transaction and the effort put into securing the deal.