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Renaissance Revival Commands Some of Highest Rents

SAN FRANCISCO—Rialto on New Montgomery is located two blocks from the new Transbay Terminal, the Montgomery Street BART station and the future Yerba Buena Central Subway station, and is 97% leased.

By Lisa Brown | lisabrown | | Updated on May 11, 2016
Rialto on New Montgomery Rialto on New Montgomery has a newly restored façade.
SAN FRANCISCO—Built in 1901, Rialto on New Montgomery is a 137,000-square-foot office tower with ground-floor retail on the corner of Mission and New Montgomery Streets in the South Financial District. It was purchased by Jamestown Properties , through its Premier Property Fund and Jamestown 29 LP & Co. , in December 2015 in an all-cash transaction. Prior to the purchase, the building emerged from a comprehensive $18 million renovation and repositioning program, which has turned the building into a leading destination for creative users and commanded among the highest rents in the market. Capital One recently provided a $60.6 million, seven-year, interest-only loan to refinance Rialto on New Montgomery. Paul Kesicki , senior vice president for Capital One’s commercial real estate group, tells GlobeSt.com: “Rialto on New Montgomery combines timeless elegance with the state-of-the-art amenities needed by today’s creative user. Capital One was happy to help Jamestown finance this cutting-edge property in a market that we know well.” Notable features of the iconic building include a newly restored façade, fully renovated lobby, exposed brick walls, 13-foot concrete ceilings, a roof deck and a community lounge. Rialto on New Montgomery has 15,000 square-foot floor plates, operable windows, bike storage and a pet-friendly atmosphere. The property is located just two blocks from the new Transbay Terminal , the Montgomery Street BART station and the future Yerba Buena Central Subway station. The building is 97% leased with tenants from such sectors as venture capital, energy, advertising, online delivery and consulting. Rialto on New Montgomery combines the ornate elegance of Renaissance Revival architecture with modern sophistication. The nine-story building’s ornamental elements and archways are a contrast to the historic brick facade. The main lobby’s coffered ceiling and mosaic tile elevator, along with historic cast iron staircase are a nod to the history within the building.  

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