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Kennedy Wilson, Takenaka JV Acquire Iconic Union Bank Tower, Historic Retail Branch for $135M

Beverly Hills, CA-based Kennedy Wilson acquired 400/430 California Street in San Francisco in a joint-venture with Japan’s Takenaka Corp. for $135 million. The 247,000-square-foot North Financial District office asset and 27,000-square-foot historic bank branch was sold by Union Bank.

The property is 100% occupied by MUFG Union Bank, which plans to leaseback the property before vacating the tower in stages over the next two years and the bank branch after four years. The property will subsequently undergo a complete interior renovation.

The transaction marks the first joint-venture between the two firms, though Kennedy Wilson sold an office building in Los Angeles on behalf of Takenaka in 1996.

James Andrew International advised the Takenaka Corp. on the transaction. CBRE’s Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, and Seth McKinnon had been engaged by the bank to handle the asset sale.

For comments, questions or concerns, please contact Dennis Kaiser


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Read more at Kennedy WilsonConnect With Kennedy Wilson’s William McMorrowConnect With CBRE’s Ingrum

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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