April 28, 2016
We’re delighted to announce the aquisition of 140 New Montgomery, located in San Francisco’s South Financial district.
We have facilitated the acquisition on behalf of its investors from Stockbridge 138 New Montgomery, LLC, an affiliate of Stockbridge Capital Group, and its development partner Wilson Meany. This is our second acquisition in San Francisco in just over 18 months, following 100 California Street which is currently being transformed through a substantial enhancement program.
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 is comprised of 295,000 sq ft of space over 26 floors and was comprehensively renovated from 2012 to 2013. 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 is an extremely unique, premium asset in an excellent San Francisco location,” commented Cory Saunders, Senior Director at Pembroke Real Estate. “In our opinion, there is no other property in the market that compares with 140 New Montgomery. Additionally, it is fully leased to dynamic long-term tenants. We are focused on enhancing long-term value with a hands-on management approach, and we intend to operate this one-of-a-kind property in a manner that reflects the high caliber of this asset.”
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.
An international real estate advisor that acquires, manages and develops properties in key markets around the world, we combine a global perspective with strong local expertise to enhance the long-term value of its assets and create sustainable investments. Its long-term investment strategy allows the firm to be thoughtful and passionate about real estate which benefits not only its investors, but also tenants and the wider communities surrounding its properties.
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.