Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco
SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District.
Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration to preserve the building’s Renaissance/Baroque architecture and ornamentation.
Additionally, more than half of the building’s space was redesigned as creative office space offering more than 13-foot ceiling heights, polished concrete floors and operable windows.
At the time of sale, the building was 91 percent occupied by a variety of tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust.
Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas of JLL advised on the transaction.