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.