Pembroke to buy San Francisco office for $332m
Pembroke Real Estate is in talks to acquire the office building located at 140 New Montgomery St. in San Francisco, also known as the Pacific Telephone Building.
Real Capital Analytics estimates the sales price to be $332.6 million. The sellers are Wilson Meany Sullivan and Stockbridge Capital Partners, which acquired the asset in 2007 for $117 million.
The 26-story office is 100 percent occupied. Major tenants include Yelp, Software AG, Knoll, Lumosity and Bloomberg.
The sale is the largest office acquisition thus far this year in the San Francisco market. Recently, Google paid $215 million for the Bayhill Office Center in San Bruno, Calif., and The Blackstone Group paid $203 million for the Gateway Business Park in South San Francisco.
Thus far this quarter, 61 office properties in San Francisco have been sold for a total of $2.6 billion. During 2015 the San Francisco market as whole saw transaction volume fall 5 percent year-over-year, wit