Kilroy Realty, intone with its strategy to acquire well-located, quality properties at lower than the replacement price tag, declared that it has bought 201 Third Street, located in the south of San Francisco’s market district for around $103.3 million.
Overlake Office Center Redmond, WA. Credit: Kilroy Realty
The 12 storey, 311,545 sq ft. property presently enjoys around 90% occupancy rate and is placed next to the Moscone Center. Kilroy has plans to perform a total up gradation to the property to improve its profile in the vibrant commercial district.
According to Mike Sanford, Northern California’s Vice President of the company, the property in the key SOMA location, next to Moscone Center and in close distance to the new Transbay Transit Center, Bart, Caltrain and other larger floor plates, is suitable for media and technology renters who are looking forward to settling in their business in San Francisco. He added that the property also reflects the important strategies of the company to competently relocate the tenant spaces, amenities and common areas to introduce shared meeting areas, improved level of natural light, higher level of placed ceilings and more open floor plans to cater to the erudite tenants of SOMA.
Kilroy Realty, inclusive of the present acquisition has bought six office projects in West Coast totaling an area of around 1.5 million sq ft. by making around $516 million as investment. Currently, the company is negotiating for the purchase of three more properties.
Source: http://www.kilroyrealty.com/