October 20, 2016
New York-based TH Real Estate is acquiring San Francisco’s 400 Montgomery for a reported $50 million from The Hearst Corporation. The 12-story asset was developed in 1901 and underwent a series of capital improvement programs, the last in 2011. The property is 100% leased.
The 85,011-square-foot office building is a core plus to value add transaction. The new owners will need to transform the property from traditional office space to more creative type of work environment, sought by tech companies.
Known as the Alvinza Hayward Building or the Kohl Building, it is San Francisco’s Landmark #161. The Colusa limestone-clad building was one of the first steel-frame fireproof structures in San Francisco, and survived the 1906 earthquake and fire.
TH Real Estate is a division of TIAA Global Asset Management. CBRE’s Dave Terzolo is the listing broker for the asset sale.
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