A historic Financial District office building has sold for a big discount, and its new owners plan to revamp it to reel in tech tenants.
The property at 417 Montgomery St., built in 1936, sold for roughly $25 million at the end of August, according to city records. That’s a little under the previous sale price of $30 million in 2006 and a deep cut from the assessed market value (opens in new tab) of approximately $54 million. It’s just the latest example of a downtown office selling at a big discount.
Peninsula-based Kenson Ventures (opens in new tab) and Wheatley Properties (opens in new tab) partnered to make the purchase, their biggest investment in the city. “San Francisco is the center of innovation these days,” said Kenson partner John Fong. “We knew we had to have a larger presence here.”…