140 New Montgomery Up For Sale, Could Draw Record Price
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]