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SC Properties has acquired San Mateo Gateway Center, a 235,000-square-foot office campus in San Mateo, Calif. The property traded for $37.5 million, the San Francisco Business Times reported. The previous owner was Kennedy Wilson, which bought the asset in 2019 from Hines Interests for $87.5 million, according to CommercialEdge.

At the time of the transaction, the property was approximately 40 percent vacant. SC Properties Partner Kevin Phillips, who oversaw the purchase along with Managing Director Chris Giotinis, said in prepared remarks that the company sees momentum in return-to-office, which will help lease the remaining space.