At the time of the fund's acquisition, 120 Montgomery was 59% occupied, including a 70,000-square-foot lease with the General Services Administration that had just been signed as well as leases with Wells Fargo Bank and the Segal Co., among others. In addition, the building's aluminum spandrel panels were corroding and the marble cladding was spalling such that a protective pedestrian scaffold had been in place over the sidewalk for several years.
 lobby |
Robert A.M. Stern Architects designed the new building façade and lobby. Kendall/Heaton Associates of Houston, Texas, was architect-of-record.
Opened in 1955 as the Equitable Life Building, 120 Montgomery was one of five distressed EOP buildings Hines and Sterling American Property Inc. placed under contract in the spring of 2005 for about $400 million. Escrow on the other properties--301 Howard St. and 405 Howard St. in San Francisco, Parkside Towers in Foster City and San Rafael Corporate Center in Marin County--closed during the first half of the that year. The Montgomery Street property was reportedly held out of the sale while some maintenance issues were negotiated away.
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