Built in 1986 atop the Montgomery Street BART Station, 33 new Montgomery totals 20 stories and 234,000 sf. Glenborough, LLC, a San Mateo, CA real estate investment and management company specializing in office properties own the Financial District office building.
Glenborough acquired 33 new Montgomery in mid-2005 for $75 million. The property has 12,500-sf "L" shaped floor plates and offers tenants bay and city views. Breitman leases all of the 6th floor of the building and a portion of the 8th floor.
The exact length of the lease, the negotiated lease rate and the building's current vacancy and asking rates were not immediately available. Neither company president Andy Batinovich nor regional leasing director Michael McCormac could be reached Tuesday morning for comment. John Schneider of CresaPartners, who represented Selman Breitman, also was unavailable Tuesday.
Glenborough is a former REIT that was taken private by a private equity fund of Morgan Stanley in 2006. It focuses on owning multi-tenant office properties concentrated in Northern California, Southern California, Denver and Washington, DC. The company has a portfolio of 57 properties encompassing approximately 10 million sf.
In early 2007, Morgan Stanley acquired 10 San Francisco properties from EOP for approximately $2.5 billion. Some of the assets—including One Post (421,000 sf), 201 California St. (250,000 sf), 188 Embarcadero (aka Bayside Plaza, 88,000 sf), and the Foundry Square I development—went into a fund of Glenborough (Fund 16), Batinovich told GlobeSt.com recently, while the remainder of the assets – including One Market (1.4 million sf), One Maritime Plaza (534,000 sf), 150 California St. (201,000 sf), and 60 Spear St.—ended up in Morgan Stanley's Prime Property Fund.
Glenborough recently completed Foundry Square I at a cost of $140 million. Its sole tenant, Barclays Global Investors, is slowly occupying the 10-story, 366,000-sf office tower in Downtown San Francisco. Glenborough's regional holdings also include 400 South Camino Real in San Mateo.
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