Chinese developer Kylli just became the majority JV partner on CBD's historic 225 Bush. At a transaction size of $350M, it's the the largest office sale in S.F. since 2012. Flynn Properties will stay on as an investor, property manager, and leasing agent. Since 2012, Flynn and GEM Realty owned it with SEB ImmoInvest, and GEM Realty and SEB sold their entire stakes as part of the sale. Originally the headquarters of Standard Oil, the 583k SF building from the '20s is 99% occupied. Tenants include Lithium Technologies, Groupon, Zillow and Twitch.tv. JLL's Rob Hielscher, who helped identify Kylli as the new partner, says he's seen increasing interest from Chinese buyers in trophy office buildings in global gateway cities for several years, with a focus on London and New York. This large off-market transaction shows that Chinese investors are also aggressively pursuing Class-A office buildings on the US West Coast.
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