Falcon and Urban Realty Acquire
San Francisco Property
Falcon Real Estate Investment Company, LP is pleased to have acted as real estate investment advisor for the purchase of One Montgomery Street, San Francisco, California. The building is 100% leased to Well Fargo Bank through December 2009. The property was purchased at a price of $24.5 million, with mortgage financing being provided by Credit Suisse First Boston.
One Montgomery Street is one of the most architecturally distinguished buildings in the San Francisco Financial District. The building was originally constructed in 1908, but, after several renovations, was completely rebuilt in 1985. The property is a two-story building with a basement and mezzanine that totals approximately 75,880 rentable square feet. The building is located at the northwest corner of Montgomery and Post Streets, at their intersection with Market Street.
Howard Hallengren, Chairman of Falcon Real Estate, indicated that this was an extremely interesting investment for a number of reasons. “First of all, there is excellent downside protection because of the existing Wells Fargo lease. However, we do believe that Wells Fargo may decide to give up some of the currently under-utilized space in the building, and this will give us an exciting re-leasing opportunity, not only for additional office tenants, but for the retail component on Post Street.”
The property was purchased by a group of individual investors from the United States and the Middle East. Falcon Real Estate and Urban Realty Company, LLC, of San Francisco will act as principals and managing members of the entity that purchased the property.