SAN FRANCISCO – Chinese developer Kylli Inc. has acquired the 583,000-square-foot office building at 225 Bush Street in San Francisco’s Central Business District. This is the largest office sale in San Francisco since 2012, according to Flynn Properties and GEM Realty Capital, two of the building’s owners.
The Class A building was originally the headquarters for Standard Oil when it was built in 1922. The 22-story tower is currently 99 percent leased. Notable tenants include Lithium Technologies, Groupon, Zillow, Twitch.tv, Meltwater and RocketSpace.
Flynn and GEM originally purchased the building in 2000. The joint venture owned the building with partner Whitehall-Goldman Sachs until 2005. In 2012, the JV partnered with SEB ImmoInvest on the building. GEM and SEB sold their entire stakes in 225 Bush Street as part of the sales transaction.
Flynn will remain as an investor in the new joint venture. It will also act as the property manager and leasing agent for 225 Bush Street. JLL identified Kylli as Flynn’s new joint venture partner. The firm also provided support on this cross-border transaction.