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Intercontinental, Harvest Acquire, Recapitalize San Francisco’s 400 Montgomery
Intercontinental Real Estate Corporation and Harvest Properties acquired and recapitalized 400 Montgomery, an historic 85,580-square-foot office building in San Francisco’s Financial District at California and Montgomery Streets. Harvest acquired the building in 2016 in a JV with Nuveen, which exits the investment.
Over the past three years, the 1901-era building, underwent a multi-million-dollar capital improvement program that encompassed building systems and infrastructure upgrades, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration of the building’s Renaissance/Baroque architecture and ornamentation.
JLL’s Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas exclusively advised on the deal that reportedly closed in the neighborhood of $78 million.
Intercontinental’s Bay Area portfolio now includes 12 assets totaling roughly 2.3 million square feet of office and industrial space, and 1,400 multifamily units. This is the second JV with Harvest, which together in 2016 acquired 60 South Market in San Jose.
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- ◦Sale/Acquisition


