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5/03/16
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Pembroke Real Estate has purchased 140 New Montgomery, a 26-story, 295k sf office tower in San Francisco’s South Financial district. The asset was acquired from Stockbridge 138 New Montgomery LLC, an affiliate of Stockbridge Capital Group, and its development partner Wilson Meany.
The Art Deco 140 New Montgomery is a distinctive landmark property with a historic façade and fully modernized interiors. Built in 1925 and originally called the PacBell Building, 140 New Montgomery was comprehensively renovated from 2012 to 2013. It is located just south of Mission St, and about seven blocks in from the Embarcadero.
Fully leased, the building is headquarters to online review corporation Yelp and 13 other tenants including Lumos Labs and Bloomberg. Two popular restaurants, Trou Normand (French inspired) and Mourad (Moroccan), are located on the ground floor and amenities include a luxury bike spa, a private outdoor “pocket park” and parking.
140 New Montgomery joins 100 California Street as part of Pembroke’s growing San Francisco portfolio. Acquired in 2014, nearby 100 California Street is currently being revitalized by Pembroke to meet the needs of today’s businesses and creative culture. Improvements include a new lobby and the addition of a luxury bike spa with 116 bike parking spaces and full locker and shower facilities, both recently completed, as well as building system upgrades.
Pembroke’s portfolio includes a number of landmark properties around the world, such as 20 Martin Place in Sydney and Tri-Seven Roppongi in Tokyo, both completed this year, as well as Mästerhuset, completed in Stockholm in 2015. Other world-class operating assets include Maximillianhöfe, a premium mixed-use property in Munich, and 41 Lothbury, a Grade II listed building in the heart of London’s square mile, as well as other key assets in Boston, Hamburg, Melbourne, Tokyo and Washington, DC.
The seller was represented by Eastdil Secured in this transaction. The price was not immediately disclosed.
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