Breevast sells San Francisco asset for record price

31 January, 2019

Breevast has sold its office building on 345 Brannan St. in San Francisco, which it developed in 2014-2015, to Kilroy Realty Corp. for USD 146 million.

Breevast developed the office building of approximately 12,500 square meters with adjoining parking spaces located in the South of Market (SOMA) district in San Francisco in 2014-2015, after it had acquired the location in 2004 as a parking lot. At completion, the asset was leased on a long term lease agreement to Dropbox, which made it part of the corporate campus of Dropbox totaling approximately 30,000 square meters. Within this framework, Breevast collaborated with Kilroy Realty Corp., a Los Angeles based NYSE company, that delivered an additional 17.500 square meters of space for Dropbox.

According to American based media, the sales of this asset for USD 146 million to Dropbox campus co-owner Kilroy which was closed last December, sets a new record high in transaction prices per square meter of office space in San Francisco.

Apart from the sales of the Dropbox-building, Breevast has two investment buildings under contract on Wilshire Boulevard in Beverly Hills, Los Angeles, for an amount of USD 154,5 million. The closing of this purchase will take place in the coming months.