It looks like the fire sale of office buildings in San Francisco will not be ending anytime soon, with a 20-story tower at 33 New Montgomery Street about to join the ranks of heavily discounted properties.
Barings, the global investment management firm, is about to begin a search for a buyer for the tower, which is across the street from the luxury Palace Hotel and is known for a distinctive five-story clock tower and spire over its Market Street entrance.
According to a report in the San Francisco Chronicle, the asking price for the 240K SF tower will be $80M, or $333 per square foot, which is nearly half off the last sale price. Newmark has been tapped to market the building.
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