KKR Acquires The Trade in San Francisco’s Mission Bay, to be Operated by Longfellow Actual Property Companions | Enterprise & Finance
SAN FRANCISCO – (BUSINESS WIRE) – March 31, 2021–
KKR, a leading global investment firm, announced today 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 partner with KKR to operate the property. KKR is making the investment as part of its core plus real estate strategy.
Built in 2018 in the heart of San Francisco’s coveted Mission Bay submarket, The Exchange is a West Coast life sciences and technology center made up of four interconnected buildings. The ultra-modern design of the property has both LEED Platinum and WELL Core & Shell Gold certifications, as well as a laboratory-grade infrastructure for life science leases. The property is currently 100% let to a leading listed technology company.
“We are very excited to build on our deep commitment to the West Coast real estate market with the purchase of this premier property in Mission Bay, an extremely attractive location that serves as a premier innovation hub,” said Justin Pattner, KKR Partner and Head of Real Estate Equity in America. “We continue to focus on ways to add quality real estate to our portfolio, and The Exchange is a great example. We believe our long-term investment will be supported by the region’s robust academic and business community, accompanied by their impressive talent base. “
“Working with KKR, The Exchange offers an exciting opportunity to have a transformative presence in Mission Bay and bring our world-class capabilities and scalability to life,” said Jamison Peschel, Co-Founder and Senior Partner of Longfellow Real Estate Partners. “We have long-term belief in the Bay Area market and look forward to working with the existing tenant to capitalize on the strength of the life science and technology industries in the Mission Bay cluster.”
Including The Exchange, KKR real estate funds have earned more than $ 3.5 billion in various asset classes on the West Coast in the past 24 months. Since launching a dedicated real estate platform in 2011, KKR has increased its real estate assets under management in the US, Europe and Asia Pacific to approximately $ 28 billion as of December 31, 2020 (pro forma inclusion of Global Atlantic assets according to the takeover of Global by KKR) Atlantik on February 1, 2021). KKR’s global real estate team consists of around 100 dedicated investment professionals who cover both the equity and credit business in 11 offices and eight countries.
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR seeks attractive investment returns by adopting a patient and disciplined investment approach, employing world class people, and supporting the growth of its portfolio companies and communities. KKR sponsors mutual funds that invest in private equity, loans and real assets, and has strategic partners who manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the leadership of the Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and Twitter @ KKR-Co.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners meets the unique needs of science and technology companies and focuses on the most innovative cluster locations in the USA. The company acquires and develops facilities in strategic locations and builds long-term relationships with research-oriented organizations, including life science companies, universities, medical centers and research institutes. Longfellow’s clients have acquired or developed more than 10 million square meters of laboratory and technology space in the course of their careers, including numerous high-profile projects on the east coast. The company’s institutional capabilities and entrepreneurial vision enable Longfellow to provide high quality laboratories and innovation spaces while meeting the individual needs of each tenant. For more information about Longfellow, please email firstname.lastname@example.org
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
KEYWORD IN INDUSTRY: FINANCING OTHER CONSTRUCTION AND REAL ESTATE PROFESSIONAL SERVICES, RESIDENTIAL BUILDINGS AND REAL ESTATE AND REAL ESTATE
Copyright Business Wire 2021.
PUB: 03/31/2021 5:00 p.m. / DISC: 03/31/2021 5:00 p.m.
Copyright Business Wire 2021.