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DWS Seeks to Divest San Francisco Tower at a Loss
DWS Group is seeking to offload 505 Montgomery St., ending a two-decade hold on the 315,000-square-foot downtown San Francisco office tower, reported the San Francisco Business Times. The German asset manager tapped Eastdil Secured to list 505 Montgomery for sale, according to multiple people with knowledge of the matter.
Eastdil, which previously shopped around the building for a period last year, is guiding pricing toward $300 per square foot, according to a source who asked not to be named, the Business Times reported. However, realizing that pricing, which would value the building in the mid-$90-million range, could be contingent on the long-term plans of the building’s largest tenant, Latham & Watkins LLP.
The law firm last renewed its lease for roughly 117,000 square feet at 505 Montgomery in 2020. Its lease is slated to expire in 2028, according to Compstak. DWS acquired the property for $118.5 million in 2005.
- ◦Sale/Acquisition
