Kennedy-Wilson Holdings Inc. partnered with Takenaka Corp. to buy the 400/430 California St. property in the North Financial District submarket of San Francisco.
The joint venture partners paid $135 million for the property, with Kennedy-Wilson contributing $13.5 million.
The class A office property, which is fully leased to MUFG Union Bank, comprises a 247,000-square-foot office tower and a 27,000-square-foot bank branch.
Union Bank, which will lease back the property, will exit the tower in the next two years on a staggered basis and the bank branch after 4 years. The property's interior will subsequently be renovated.
Takenaka was advised by James Andrew International in the transaction.