Intercontinental RE Corp and Harvest Properties Acquire Historic SF Office Building
The Californer/10041673

SAN FRANCISCO - Californer -- Intercontinental Real Estate Corporation and Harvest Properties announced today the acquisition and recapitalization of 400 Montgomery, an historic 85,580-square-foot office building in San Francisco's Financial District.

With the acquisition of 400 Montgomery, Intercontinental continues to grow its San Francisco Bay Area portfolio, which includes 12 assets totaling approximately 2.3 million square feet of office and industrial space and 1,400 multifamily units.  This is the second joint venture with Harvest, which together in 2016 acquired 60 South Market, a 234,000-square-foot Class A office tower in Downtown San Jose, CA.

400 Montgomery is located at the corner of California and Montgomery Streets in San Francisco's North Financial District, a submarket that has a proven appeal to the millennial workforce driving many of the region's most dynamic and innovative companies, according to Intercontinental's Senior Director of Acquisitions Jessica Levin.

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"The Financial District's immediate access to San Francisco's best amenities and public transportation has created an attractive 24/7, live, work play urban environment," she said.

"The North Financial District has been a major beneficiary of San Francisco's growing innovation-based economy," added Intercontinental Director of Acquisitions Allen Logue.     "Recent commitments from large tech firms continue to validate the North Financial District as a target location for San Francisco's fastest growing companies, and we believe that 400 Montgomery is well positioned to benefit from that robust demand."

Harvest Properties (http://www.harvestproperties.com) acquired the building in 2016 in a joint venture with global investment manager Nuveen, which exits the investment.  Harvest will continue as operating partner in the new joint venture with Intercontinental, according to Harvest Properties Partner Griff King.

"After successfully improving the historically rich asset while preserving the character of the building to meet tenants' current demands, Harvest Properties looks forward to staying involved and continuing the success of the project," said King.

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Over the past three years, the building constructed in 1901, has benefited from a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a  complete façade restoration to preserve the richness and character of the historic building's Renaissance/Baroque architecture and ornamentation.  More than half of the space has been re-designed as creative office space offering 13+ foot open ceiling heights, polished concrete floors and operable windows.  The building is currently 91 percent occupied to a diverse mix of technology, media and banking tenants including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust.

JLL's Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas acted as exclusive advisors on the transaction.