KKR, a leading global investment firm, today announced that it has acquired The Exchange on 16th, a 750,000-square-foot Class A office complex, from Kilroy Realty Corporation for approximately $1 billion. Longfellow Real Estate Partners, a life science focused, vertically integrated real estate developer and manager, will work with KKR to operate the property. KKR is making the investment through its core plus real estate strategy.
Built in 2018 in the heart of San Francisco’s highly desirable Mission Bay submarket, The Exchange is a center for life sciences and technology on the West Coast comprised of four interconnected buildings. The property’s state-of-the-art design holds both LEED Platinum and WELL Core & Shell Gold certifications, as well as lab-ready infrastructure for life science tenancy. The property is currently 100% leased to a leading publicly traded technology company.
“We are thrilled to be building on our deep commitment to the West Coast real estate market with the purchase of this premier property in Mission Bay, a highly attractive location serving as a world-class innovation center,” said Justin Pattner, KKR Partner and Head of Real Estate Equity in the Americas. “We remain focused on opportunities to add quality real estate assets to our portfolios, and The Exchange is a prime example. We believe our long-term investment is supported by the region’s robust academic and business community, accompanied by its impressive talent base.”
Source: Business Wire
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