140 New Montgomery: The More Things Change...
Five years ago Wilson Meany Sullivan purchased the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to a five-star hotel and condominium tower, with a spa, restaurant and bar.
In 2008, the hotel component was dropped and new plans were floated for 135 condos on floors two to twenty-six over an 8,500 square foot restaurant on the ground floor.
Plans for any condo conversion have since been dropped, and as the Wall Street Journal notes, the office building will simply, but expensively, be upgraded and return targeting "tech start-ups, venture-capital firms and others."
∙ Conversion Of 140 New Montgomery Moves To Environmental Review [SocketSite]
∙ Another Office To Hotel/Condo Conversion: 140 New Montgomery [SocketSite]
∙ New Call by Developer on Historic Tower [Wall Street Journal]
http://www.socketsite.com/archives/2012/03/140_new_montgomery_the_more_things_change.html
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