SAN FRANCISCO-Westcore Properties, a San Diego-based real estate investment firm with a 12-million-square-foot, $1.2 billion global portfolio, has sold One Montgomery St. to a New York City-based investment group. The purchase price was $48 million.
The 75,880-square-foot office building, which fronts Montgomery and Post Streets in the downtown district of San Francisco, was built in 1908. It was designed by Willis Polk and was the original headquarters location for Crocker National Bank.
The building is 100% leased to Wells Fargo Bank. “This sale signifies Westcore’s highly successful value-add strategy,” says Don Ankeny, the company’s president and CEO, in a prepared release. “We purchased One Montgomery in 2008 with 18 months of lease term remaining for Wells Fargo, which we successfully renewed for another 10 years.”
In the transaction, Eastdil Secured represented both Westcore Properties and the buyer.
Westcore has been in the news lately. As GlobeSt.com reported, it recently obtained up to a $200-million investment from Five Arrows Realty Securities V LP, according to Marc Brutten, the company’s executive chairman. Five Arrows is an investment fund managed by New York City-based Rothschild Realty Managers LLC. “The investment by Rothschild Realty will be used to augment the ongoing business of Westcore Properties, which targets the acquisition of industrial and office real estate debt and equity throughout the West Coast,” says Brutten. The company also recently sold its 187,200-square-foot Folsom Building in San Francisco to Cornerstone Real Estate Advisors for an amount of $70 million. The building houses the main office of Twitter.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
