UK real estate investment manager Nuveen Real Estate, a unit of U.S. Nuveen, LLC, has divested 400 Montgomery, an 85,580-square-foot office building in San Francisco’s Financial District.
Nuveen Real Estate sold the property to a joint venture between U.S. rivals Intercontinental Real Estate Corp. and Harvest Properties for $78.5 million.
The Intercontinental Real Estate and Harvest Properties partnership is planning to recapitalize the asset, that is currently 91 percent leased to technology, media and banking tenants.
Additionally, Harvest will continue to operate the office building, which was constructed in 1901 and underwent major renovations within the last three years.