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GlobeSt.com EXCLUSIVE: Sterling American Takes Asset for $68M

NEW YORK CITY-Locally based Sterling American Property Inc. adds to it holdings in the San Francisco Bay Area with the $67.5-million purchase of 120 Montgomery St. The firm will put the 420,310-sf class B property through a rehabilitation effort.

By Barbara Jarvie | Updated on January 23, 2006

NEW YORK CITY-A joint venture of locally based Sterling American Property Inc. with Hines has acquired a 420,310-sf class B property at 120 Montgomery St. in San Francisco for $67.5 million, GlobeSt.com has learned. The seller was Equity Office Properties Trust.

The deal marks the 36th acquisition for Sterling American Property Fund IV, which Hines has a 10% interest in. In June 2005, the companies formed a joint venture to purchase a portfolio of properties from EOP in the San Francisco area. They acquired a portfolio of unstable Bay Area office properties for $329 million. The portfolio totals 1.36 million sf, of which 729,214 sf is empty for a overall 53.4% vacancy.

The 25-story Montgomery St. is approximately 59% occupied. Its roster of tenants includes the US General Services Administration, Wells Fargo Bank, the law offices of Trucker Huss and the Segal Co.

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