The Swig Co., SKS Buy San Francisco Tower

The 350 California building underwent extensive renovations over the last seven years. Image courtesy of The Swig Co.

The Swig Co. and SKS Partners have acquired 350 California, a 297,642-square-foot office building in San Francisco. Mitsubishi UFJ Financial Group reportedly sold the asset for approximately $61 million, according to the San Francisco Chronicle.

The partners teamed up back in May to start the sale negotiations. The transaction finally closed at a steep discount, compared to the $250 million price sought when the building entered the market in 2020.

Completed in 1976, the 22-story tower features 1,500 square feet of retail space on the ground floor, a wraparound amenity center, a conference center, a game room, eight passenger elevators and controlled access. The LEED Gold-certified building underwent extensive renovations over the last seven years, such as seismic, elevator and building systems improvements, a lobby renovation and common-area upgrades.

CEO Connor Kidd said in prepared remarks that The Swig Co. plans to seek tenants for the property’s vacant spaces, as well as more sustainability certifications and improvements which are in alignment with the company’s carbon reduction goals.

Convenient location in the Financial District

The Class A office building is located on the corner of California and Sansome Streets in San Francisco’s Financial District. The 350 California building is within walking distance of Montgomery BART stations, Embarcadero, the commuter ferry and an abundance of dining options and retail centers. The property is near Interstate 80, which provides easy access across the San Francisco metropolitan area.

CBRE brokered the transaction, with Executive Vice Presidents Kyle Kovac and Michael Taquino and Vice President Giancarlo Sangiacomo working on behalf of the seller. In July, another CBRE team represented United Properties in the sale of 525,000 square feet of office space within the mixed-use RBC Gateway Tower in Minneapolis. Spear Street Capital purchased the asset for $225 million.