There is about 108,582 sq. ft. of rentable space, anchored by the University of California at San Francisco, in the 110,000 sq. ft., seven-story building located at 74 New Montgomery Street. CDC Mortgage Inc. is providing $29 million in bridge financing for the purchase.
The property was built in 1907 and completely renovated in 1992. It is owned by Levin Menzies Kelly and Associates, an investment firm who bought the building last May from Transcontinental Realty Investors of Dallas for between $15 million and $20 million.
CDC Mortgage Capital is the real estate financing unit of CDC IXIS, a large European banking and insurance institution. Cohen Financial of San Francisco is helping broker the sale. In 1999 Cohen shifted its expansion strategy to making corporate acquisitions and bought E. S. Merriman & Sons, which opened the San Francisco market. The city contributed to about two-thirds of the firm's bottom line last year.
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