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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 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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