Eastdil Secured is marketing the 315,000-square-foot property in the financial district, according to a report from the San Francisco Business Times, citing sources. The German-based asset management firm was also looking to sell the asset for a period in 2024. Currently, Eastdil is aiming to get around $300 per square foot, which would value the property at roughly $95 million. That would represent a significant discount from the $118.5 million DWS paid for 505 Montgomery in 2005.
However, the price point could be “contingent” on whether the property’s largest tenant, Latham & Watkins LLP, agrees to renew its lease, which is set to mature in 2028, according to the Business Times. In 2020, the law firm inked a renewal at 505 Montgomery for 117,000 square feet.
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