Kennedy Wilson in a JV with Takenaka Corp acquired 400/430 California St for $135M. The 247k SF Class-A office building includes a 27k SF bank branch. Kennedy Wilson invested $13.5M in the transaction.

MUFG Union Bank fully leases the building, but will lease back the property and begin to vacate the building over the next two years on a staggered basis and vacate the bank branch after four years.

Once empty, the property will undergo a complete interior renovation. Kennedy Wilson’s asset management strategy is a full-scale repositioning of the property.

The building includes a 10k SF rooftop deck and three additional exterior decks. The bank branch was designated a landmark in 1968.

The building is near the California Street cable car line, two BART stations and the Ferry Building. James Andrew International advised Takenaka in the transaction.