Suresh Gunasekaran Of The University Of California, San Francisco Acquires Office Buildings In San Francisco For $767M
409 Illinois Street & 499 Illinois Street
$767,000,000
$729/SF
Building Size
1,050,842 SF
Asset Type
Office
Closing
Dec 17, 2025
AI
The sale involves two properties located at 409 Illinois Street and 499 Illinois Street in the San Francisco market. The transaction was completed for a total price of $767,000,000, covering approximately 525,421 square feet. The price per square foot is $1,460. These properties will serve as the new location for the School of Dentistry of the University of California, San Francisco (UCSF), which is relocating from the Parnassus campus.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $767,000,000
- Buyer: Suresh Gunasekaran - The University of California, San Francisco (UCSF)
- Seller: Peter M. Moglia - Alexandria Real Estate Equities Inc
- Square Footage: 525,421
- Price Per Square Foot: $1,460
UCSF's acquisition aims to establish dental clinics and a modern education center covering 60,000 square feet, contributing to the university's expansion in the Mission Bay waterfront district. This strategic purchase is intended to ensure cost savings and bolster UCSF's competitive position against other potential tenants, including AI companies.
San Francisco Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93