100 Montgomery Sold for $285M

Blackstone Group’s wholly owned subsidiary Equity Office has sold 100 Montgomery Street, a 429,000-square-foot office tower in San Francisco's Financial District, for $285 million. The property was acquired by Vanbarton Group LLC and a U. S. pension fund partner, according to a San Francisco Business Times article. Terms of the deal were not disclosed, though Vanbarton did announce that Cushman & Wakefield will handle exclusive leasing for the property. Equity acquired the property four years ago for $165 million, a deal that more than doubled the $67.5 million Hines and Sterling American Properties paid for the office tower in 2006.

"Situated in an unparalleled location with immediate access to public transportation and premier amenities, the building provides the features that tenants are seeking today," said William Bond, a managing director with Vanbarton Group, in a press release.

100 Montgomery was originally designed by Wilbur D. Peugh and developed by Equitable Life Insurance as their headquarters in 1955, and is considered a historically significant structure in downtown San Francisco. In 2006, Hines and Sterling began a 36-month, $30 million redevelopment plan for the building, with redesign services by Robert A.M. Stern Architects. The 25 story office building with ground floor retail appeals to both traditional office users as well as technology and media companies, with major tenants including City National Bank, the U.S. General Services Administration, Segal Co., Enovity, Trucker Huss and Wells Fargo Bank.

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