An Israeli-based insurance company and pension fund just got into San Francisco’s office market. In a deal worth $39M, KBS SOR Properties sold 45% equity interest in 353 Sacramento, owned by affiliate KBS Strategic Opportunity REIT, to Migdal Insurance Co. and Migdal-Makefet Pension and Provident Funds, according to a Securities and Exchange Commission filing.
Migdal now has an indirect ownership stake in the 23-story, 284K SF building in a JV with KBS, which holds 55% equity interest in the property.
KBS recently signed two leases at 353 Sacramento totaling 32,359 SF, including a lease renewal for 13,760 SF from Landmark Education. Pentaho expanded its current lease to 18,599 SF. The building is 26.6% vacant and has 12 spaces available for 127K SF, Commercial Property Executive reports.
The Axiant Group principal Robert Larschied repped Landmark Education, while DM Vantage founder and Managing Principal David Mitchell repped Pentaho. JLL Managing Directors Steve Anderson and Matt Griffin repped KBS Strategic Opportunity REIT.
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