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First Albany Relocating to One Montgomery

SAN FRANCISCO-Currently located in Embarcadero Center, the investment bank and institutional securities firm signs a 10-year lease here for the 10th floor of One Montgomery, a 38-story building in the North financial district.

By Brian K. Miller | Updated on April 20, 2005

SAN FRANCISCO-First Albany Cos. will relocate and expand its local office this summer. Currently located in Embarcadro Center, the investment bank and institutional securities firm has signed a 10-year lease here for the 19,620-sf 24th floor of One Montgomery, a 38-story building in the North Financial district. The lease is nearly twice the size of the company’s existing space.Built in 1982, One Montgomery is owned by NLI Properties West Inc. and the Prudential Insurance Co. of America. The lease drops vacancy in the building to about 5%. Chris Roeder and Peter Victor of Cushman & Wakefield represented the owners in the transaction. The asking rate for space in One Montgomery is in the high $30s per sf per year. The negotiated lease rate was not released by the parties involved and not otherwise immediately available; however, local brokers tell GlobeSt.com it was likely close to the asking rate, not including some free rent and a tenant improvement allowance.Based in Albany, First Albany operates a full-service investment bank and institutional securities firm focused on the corporate middle market, as well as government agencies and public institutions. Other high profile tenants in the building include Charles Schwab, Thomas Weisel Partners, Wells Fargo, Bank of America and Gibson Dunn & Crutcher.

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