555 Cal's Ripple Effect
While chatting with CBRE's Bill Cumbelich about 140 New Montgomery (top story), he also told us that Bank of America just closed on its big renewal and expansion at 555 Cal. (We met the building's owner-broker dream team last month: Vornado's Paul Heinen, Edward Riguardi, David Greenbaum, Glen Weiss, and Bill.) The bank will be relinquishing space at 315 and 345 Montgomery, so CBRE is bringing those chunks on the market right away (more than 150k SF between both sites), available starting in 2015. That's almost like another new building, Bill tells us. The newfound ability to diversify the two buildings will really change the complexion of the project, he adds, introducing more creative and tech-friendly space.
Other existing tenants recently signed to stay at the iconic 555 Cal address, including UBS, which renewed for 41k SF, and the Bank of India. (Now the sole remaining "bank of" is a nuclear power in the building, amongst other useless trivia.) Morgan Stanley also inked a renewal and expansion last month for 40k SF; it has about 140k SF total inside the 52-story skyscraper. Vornado's Paul Heinen, who's based in Chicago, told us last month he was sticking around S.F. for a while this winter to help handle the stack of leases.
We also learned that EOP's 100 Montgomery is releasing 100k SF to the market this year, and the plan is to make the 25-story tower the first Financial District tech high rise. The 420k SF building is known as the first modern high rise built in S.F. in 1955 and got a $30M overhaul a few years back. Its natural light and interior finishes will be attractive to a tech user, says Bill, and the available space sits on multiple floors. CBRE also just won another listing on the same street: Dividend Capital's 655 Montgomery, which boasts 52 balconies with fabulous views.
