Firm’s second major Bay Area acquisition in just over 18 months
SAN FRANCISCO, May 2, 2016 – Pembroke Real Estate today announced it has acquired 140 New Montgomery, a premier landmark property located in San Francisco’s South Financial district. Pembroke 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 Pembroke’s second acquisition in San Francisco, 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. Pembroke is 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, Pembroke combines 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.
The seller was represented by Eastdil Secured in this transaction.
About Pembroke Real Estate
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops well-located properties in the office, residential and mixed-use sectors. Focused on enhancing long-term value, Pembroke facilitates the investment of private capital of FMR LLC (Fidelity Investments) and FIL Limited into superior real estate opportunities. With offices in Boston, London, Stockholm, Sydney, Tokyo, and Washington, DC, the firm currently manages approximately 709,000 sq m / 7.6m sq ft in key markets across North America, Europe and Asia Pacific. Our commitment to excellence is evident in every one of the Pembroke properties and includes a strong commitment to the environment – more than 70 percent of the firm’s portfolio is sustainably certified, or in the process of becoming certified – and delivering the highest-performing, quality product.
About Stockbridge Capital Group
Stockbridge is a fully independent real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $9.8 billion of assets under management (as of December 31, 2015) spanning all major real estate property types, and certain specialty property types, throughout the United States.
About Wilson Meany
Wilson Meany is a privately owned real estate investment and development firm focused on urban infill locations in the Western United States. Wilson Meany brings more than 35 years of experience to its mixed-use, residential, retail and office developments, all of which reflect the company’s commitment to integrity, innovation and quality, including San Francisco’s renowned Ferry Building. Collectively, Wilson Meany’s partners and professionals have developed over 10 million square feet, including some of the most innovative and distinctive properties in California.