By the time the sale of 800 Market was completed, the bank had already inked a deal to move its headquarters office space to 34,000 sf on the upper floors of 345 California St., also in the Financial District, but had yet to secure a location for its retail branch.
Originally constructed in 1922, the 8,000-sf Bank Hall, located on the north end of the ground floor of 300 Montgomery, has a classic colonnade entrance, and 55-foot ceilings. It's not clear exactly when the bank will relocate the retail bank to the building. The bank reportedly leased back 800 Market through the end of the year.
Colliers International's Scott Harper and Carter Beim represented 300 Montgomery St. ownership for the bank lease. Cushman & Wakefield's Mark Anderson, Mark McGranahan and Kazuko Morgan represented the bank.
The new owner of 800 Market is Blatteis & Schnur, which plans to convert the lower levels into a flagship retail location given its location across from the new Westfield San Francisco Centre. Tim Maas, the Colliers International broker who handled the sale with partner Tony Crossley, tells GlobeSt.com that the basement, first, mezzanine and second levels of the building likely will be converted to a 24,000-sf flagship retail location while floors three through eight are kept as office.
Blatteis & Schnur plans to invest another $15 million or so to renovate the lower floors for multi-level retail use, which should take about 18 months. The work would bring the total investment to between $35 million and $40 million, or between $700 and $800 per sf. The resulting 24,000-sf retail space likely will command a blended rate of about $100 per sf.
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