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California  + Retail  | 

Norwegian Fund Claims $453M Stake in Pair of Kilroy’s SoMa Assets

Norwegian-based Norges Bank Real Estate Management reportedly paid $452.9 million for a 44% stake in a Kilroy Realty Corp. entity that owns a pair of San Francisco assets.  The properties include 100 First Street and 303 Second Street, which Kilroy acquired in 2010 for $196 million and $233 million, respectively.

The two SoMa properties were valued at $1.155 billion. Kilroy Realty, which previously owned 100% of the assets, is retaining a 56% common equity share in the joint ventures, and will continue to manage the two properties.

100 First Street is a 27-story, Class A, 466,000-square-foot office building built in 1988. 303 Second Street is a twin-tower, 9- and 10-story asset encompassing 747,000 square feet of space that was also built in 1988.

HFF’s Michael Leggett and Gerry Rohm handled the investment transaction.

303 Second Street

303 Second Street

100 First Street

100 First Street

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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