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409 Illinois Street

Suresh Gunasekaran Of The University Of California, San Francisco Acquires Office Buildings In San Francisco For $767M
SOLDOffice

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.

Players

Peter M. Moglia

Alexandria Real Estate Equities Inc

Seller

$2.2B

vol

15 deals

Seller

San Francisco Office Market Snapshot

Boundary boundary · Office · Sale transactions

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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