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33 New Montgomery Trades for $75M

SAN FRANCISCO-The new owner is publicly traded Glenborough Realty Trust of San Mateo, CA. The purchase price for the 20-story 241,800-sf Financial District office tower equates to $310 per sf. The property is 92% leased to 31 tenants, none of which lease more than 10% of the net rentable area.

By Brian K. Miller | Updated on August 11, 2005

SAN FRANCISCO-Glenborough Realty Trust is the new owner of 33 New Montgomery, a 20-story class A office tower in the Financial District here that is 92% leased. The San Mateo, CA-based REIT paid $75 million, or $310 per sf, for the 241,800-sf building topped by a 45-foot-high clock tower.The building is centrally located at the corner of Market Street and New Montgomery, directly above the Montgomery Street BART Station, two blocks from the Transbay Terminal and one-half mile from Interstate 80 and Highway 101. Constructed in 1986, the property has 12,500-sf “L” shaped floor plates and offers tenants bay and city views. None of the building’s 31 tenants lease more than 10% of the net rentable area. The tenant base consists primarily of prominent professional service oriented companies in the insurance, government, finance and legal sectors. Glenborough CFO Stephen Saul declined to provide additional detail on the transaction, such as how much near-term tenant rollover it will have to deal with and the building’s average rental rate, and the company had not yet filed its 8K with the SEC.Glenborough focuses on owning multi-tenant office properties concentrated in Washington D.C., Southern California, Boston, Northern New Jersey, and Northern California. The Company has a portfolio of 57 properties encompassing approximately 10 million sf.

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