SAN FRANCISCO—The Mills Building at 220 Montgomery is San Francisco's only remaining example of the Chicago School of Architecture, outlasting the old Chronicle building at Market and Kearny, which has been entirely modified, and the Crocker building at Post and Kearny, which was torn down in 1967. The building was commissioned by Darius Ogden Mills, one of San Francisco's early mega-businessmen. Burnham and Root of Chicago designed the 154-foot steel frame skyscraper with the most distinctive feature being the Montgomery Street entrance arch.
The building survived the 1906 earthquake, although its interior was virtually gutted by the ensuing fire. Architect Willis Polk oversaw the building's restoration in 1907, adhering to its original design. Only minor restoration after the 1906 earthquake and fire were needed for the curved staircases in the Montgomery Street lobby, which are still comprised of the original Jaune Fleuri marble. Additions made in 1914 and 1918 also maintained the building's stylistic integrity. The last addition, the 22-story Mills Tower, was completed in 1932.
Continuously owned, operated and updated by The Swig Company since 1954, The Mills Building's high ceilings and abundant natural light, data infrastructure, and rich variety of large and small suites provide space for a broad range of businesses. Tenants have access to BART and MUNI, and the building offers onsite parking and bike storage. The building has three cafes as well as shared conference facilities, an office supply store, graphic arts services and a drycleaner.
To ensure protection of its investment and headquarters building, owner/tenant Swig became borrower Swig when it enlisted Berkadia's San Francisco team to arrange $70 million in financing. This loan was of particular significance because of the historical nature of the building.
A 10-year loan through Voya Investment Management was secured on behalf of Swig. The full-term, fixed-rate loan features interest-only payments and was used to refinance existing debt on the property. Berkadia senior managing director Mitch Thurston and senior director Andy Ahlers were the lending team members for the demand.
Thurston tells GlobeSt.com: “The Mills Building office building complex in San Francisco's Financial District is a historic landmark and notable example of the Chicago School of Architecture. In 1974, the Mills Building was added to the National Register of Historical Places and in 2012 received a LEED Gold certification making it the city's oldest official LEED-certified structure.”
The 440,000-square-foot historical gem is approximately 95% occupied and includes tenants such as the New York Stock Exchange, Pocket Gems, Mazzetti Inc., Seiler LLP, Haworth and the University of California, San Francisco.
“The Mills Building, a strategic long-term investment and also The Swig Company's headquarters location, required a lender willing to offer outstanding terms,” said Ken Perry, CEO of The Swig Company. “Berkadia cleared the market and found numerous life company lenders, and Voya Investment Management was able to provide a complete package of flexibility and terms that met all of our needs.”
SAN FRANCISCO—The Mills Building at 220 Montgomery is San Francisco's only remaining example of the Chicago School of Architecture, outlasting the old Chronicle building at Market and Kearny, which has been entirely modified, and the Crocker building at Post and Kearny, which was torn down in 1967. The building was commissioned by Darius Ogden Mills, one of San Francisco's early mega-businessmen. Burnham and Root of Chicago designed the 154-foot steel frame skyscraper with the most distinctive feature being the Montgomery Street entrance arch.
The building survived the 1906 earthquake, although its interior was virtually gutted by the ensuing fire. Architect Willis Polk oversaw the building's restoration in 1907, adhering to its original design. Only minor restoration after the 1906 earthquake and fire were needed for the curved staircases in the Montgomery Street lobby, which are still comprised of the original Jaune Fleuri marble. Additions made in 1914 and 1918 also maintained the building's stylistic integrity. The last addition, the 22-story Mills Tower, was completed in 1932.
Continuously owned, operated and updated by The Swig Company since 1954, The Mills Building's high ceilings and abundant natural light, data infrastructure, and rich variety of large and small suites provide space for a broad range of businesses. Tenants have access to BART and MUNI, and the building offers onsite parking and bike storage. The building has three cafes as well as shared conference facilities, an office supply store, graphic arts services and a drycleaner.
To ensure protection of its investment and headquarters building, owner/tenant Swig became borrower Swig when it enlisted Berkadia's San Francisco team to arrange $70 million in financing. This loan was of particular significance because of the historical nature of the building.
A 10-year loan through Voya Investment Management was secured on behalf of Swig. The full-term, fixed-rate loan features interest-only payments and was used to refinance existing debt on the property. Berkadia senior managing director Mitch Thurston and senior director Andy Ahlers were the lending team members for the demand.
Thurston tells GlobeSt.com: “The Mills Building office building complex in San Francisco's Financial District is a historic landmark and notable example of the Chicago School of Architecture. In 1974, the Mills Building was added to the National Register of Historical Places and in 2012 received a LEED Gold certification making it the city's oldest official LEED-certified structure.”
The 440,000-square-foot historical gem is approximately 95% occupied and includes tenants such as the
“The Mills Building, a strategic long-term investment and also The Swig Company's headquarters location, required a lender willing to offer outstanding terms,” said Ken Perry, CEO of The Swig Company. “Berkadia cleared the market and found numerous life company lenders, and Voya Investment Management was able to provide a complete package of flexibility and terms that met all of our needs.”
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