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6/04/24
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There has been 55.9k sf of new leases signed at 140 New Montgomery Street, a 26-story, 298.5k sf office tower in downtown San Francisco. The latest new tenants at the building are super{set}, Calendly and Heidrick & Struggles. Additionally, Bloomberg, the building’s largest tenant, has renewed its tenancy.
Built in 1925, 140 New Montgomery was one of San Francisco’s tallest skyscrapers at the time. It symbolized technological advancement, innovation and artistry, and was the headquarters to Pacific Telephone and Telegraph. The iconic Art Deco tower, now owned by Pembroke, has been renovated to restore the exterior architecture and modernize the building’s interior with panoramic views of downtown San Francisco.
Building amenities include a private courtyard, onsite restaurant Mourad, locker rooms with showers, bike storage and tune-up station, and a newly launched app for tenants to enhance their on-site experience and curate a vibrant workplace that attracts employees to the office. The property is next to the San Francisco Museum of Modern Art and walking distance to Transbay Park, Yerba Buena Center, St. Regis Hotel and Palace Hotel.
CBRE’s Bill Cumbelich, Dean McPadden and Jack Beritzhoff represented Pembroke in the deals. Since 2021, CBRE has completed 15 deals across 18 floors at 140 New Montgomery, totaling 197.4k sf. The building is now 82% occupied, with only 54.2k sf available for lease.
Savills’ Michael McCandless and Denis Karas represented super{set}; JLL’s Hugh Scott, Derek Johnson and Jack Nelson represented Calendly; CBRE’s Phil Tippett represented Bloomberg; and CBRE’s Jack Beritzhoff represented Heidrick & Struggles.JLL’s Hugh Scott, Derek Johnson and Jack Nelson represented Calendly; CBRE’s Phil Tippett represented Bloomberg; and CBRE’s Jack Beritzhoff represented Heidrick & Struggles.
The San Francisco office market is beginning to transition out of its four-year downturn, according to CBRE Research. In the first quarter of 2024, there were 6 msf of tenant requirements, up from 4.2 msf in Q4 2023 and 3.4 msf in Q1 2023. Artificial intelligence companies accounted for 28% of total leasing activity in 2023 and remain a significant source of demand in 2024.
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