JV Scoops Up Vintage San Francisco Office Property
- Aug 19, 2019
Intercontinental Real Estate Corp. in a partnership with Harvest Properties has purchased 400 Montgomery, an 85,580-square-foot office building in San Francisco’s Financial District. Nuveen Real Estate sold the property for $78.5 million, according to Yardi Matrix. Harvest Properties had previously owned the building in a joint venture with Nuveen. Harvest will continue to operate the office building. The new partnership plans to recapitalize the property.
The office building is situated at the corner of California and Montgomery Streets in San Francisco’s North Financial District. The building also offers access to the city’s public transportation, including the BART. Additionally, the office is within two miles of downtown San Francisco.
400 Montgomery was constructed in 1901 and underwent major renovations within the last three years. The property has received upgraded building systems and infrastructure, a new lobby, improved common areas and restrooms and a complete facade restoration to preserve the building’s historical aspects.
The office is currently 91 percent leased to technology, media and banking tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust.