Intercontinental Real Estate Corp. and Harvest Properties Inc. agreed to acquire a San Francisco office building for $78.5 million, the San Francisco Business Times reported, citing sources familiar with the deal.
Harvest owned the 85,580-square-foot property at 400 Montgomery St. through a separate venture with investment manager Nuveen, the publication added, citing public records. The sellers bought the 1901-built asset for roughly $49.8 million in 2016 and since raised the occupancy to 91% after upgrading the property and redeveloping half of the building into creative space.
Harvest will remain as operating partner.
Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust are among the tenants at the building.