SF Building Set to Sell for Record Breaking Price Per Square Foot
When we wrote about 140 New Montgomery going on the market back in January, a record-breaking sale price was predicted. Now, it looks like those prophesies are about to come true. The Registry reports that Pembroke Real Estate is the new buyer of the grand Art Deco building and the deal will close between $276 million and $278 million. That comes to between $967 to $975 per square foot, which would be a record breaking figure.
The building is not only notable for the careful restoration of its details (it was remodeled by owners Wilson Meany and Stockbridge Capital Group in 2014), but also for its tenants. Currently, Yelp, Lumosity, and Bloomberg Tech Hub have their offices here.
The Timothy Pflueger-designed building has been a San Francisco landmark since it was built as the Pacific Telephone & Telegraph Building in 1925.