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AEW-Led JV Buys Downtown San Francisco’s One Montgomery for $82M

Connect Bay Area is coming up next week at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.

A joint venture between REDCO Development and AEW Capital Management, L.P. acquired One Montgomery Street in San Francisco from 601W Companies for $82 million. Located at Montgomery and Post streets, the landmark, historical asset has been 100% occupied since 1984 by Wells Fargo.

CBRE’s Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee represented the seller.

The brokers note One Montgomery provides the opportunity for a full-building user to capitalize on an asset with no market comparables, in a region with tremendously limited, large block, single-tenant opportunities. The property also offers a future development opportunity with a 250-foot height limit and a high-density zoning designation.

CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged the $76.6 million acquisition financing. The five-year, non-recourse floating rate financing with full-term, interest-only payments at a competitive spread, priced over 30-day LIBOR, will finance a portion of the acquisition and provide funding for future capital expenditures and re-leasing costs.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition