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5/18/16
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An investment entity known as Sidra Montgomery LLC has purchased 180 Montgomery Street, a 25-story, 303.3k sf fully-stabilized Class A trophy office building located in the heart of San Francisco’s Central Business District. Although the price was not immediately given out, we can tell you that the buyer financed the acquisition with a $98 mil loan.
Built in 1979, the LEED Gold-certified building is 100% leased and anchored by Bank of the West on a long-term lease. The transit-oriented property—located on Montgomery between Bush and Sutter—sits less than two blocks from the Montgomery BART and MUNI station entrance, providing convenient access for the enormous labor base that resides in San Francisco and throughout the Bay Area. Its prominent corner location offers tenants 7' windows, views of the San Francisco Bay skyline and an on-site workshop cafe.
Brad Zampa, Michael Walker and Megan Woodring of CBRE Capital Markets’ Debt & Structured Finance team arranged the 10-year, non-recourse, fixed-rate, permanent financing at a competitive rate with full-term interest-only. The financing was provided by J.P. Morgan.
“Given the recent volatility in the capital markets, we were pleasantly surprised by how aggressively life companies, and U.S. and foreign banks pursued the asset, offering both fixed- and floating-rate options. This is a testament to its excellent location adjacent to public transit, consistently solid operating history, credit tenancy and highly experienced sponsorship,” noted Zampa.
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