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New Urban Properties Acquires 625 Market

SAN FRANCISCO-The historic properties specialist pays about $25 million for the 71,345-sf, 14-story office building at the corner of Market and New Montgomery streets.

By Brian K. Miller | Updated on May 17, 2007

SAN FRANCISCO-Locally based historic properties investor New Urban Properties LLC has paid in excess of $25 million for 625 Market St., a 71,345-sf office building at the corner of Market and New Montgomery streets. Built in 1907, the property is 93% leased; Bank of America is the anchor tenant.

The 14-story building with a penthouse on top was designed by George Applegarth. It features Renaissance/Baroque ornamentation small floor plates and views. New Urban chief Tom Owens says he believes the building to be one of the best historic buildings in the city due to its superior location and full renovation in 2001. “As we like to say, this classic building has great bones,” Owens says.

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