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Photo credit: Rien van Rijthoven
Wilson Meany and Stockbridge Capital Group have put San Francisco's 140 New Montgomery up for sale, and the building could bring in a record price of up to $1k/SF.
The landmark Timothy Pfleuger-designed office building opened in 1925 as home to the Pacific Telephone & Telegraph Co, The Registry reports. AT&T sold the SoMa building in 2007 to the Wilson Meany/Stockbridge Capital JV, which completed a $60M renovation in 2013. Tenants include Yelp, Lumosity and G2 Insurance Services.
The building could secure such a high price (which would total around $295M) because its rent prices are close to current office market rents, sources told The Registry. At $295M, the sale would have a cap rate of around 4.5%. [TR]
