DWS Group Seeks to Sell 505 Montgomery Office Tower in San Francisco
DWS Group is preparing to sell 505 Montgomery Street, a 315,000-square-foot office tower located in downtown San Francisco, marking the end of a two-decade ownership. According to a report from the San Francisco Business Times, the German asset management firm has enlisted Eastdil Secured to handle the sales process.
Eastdil previously explored a sale of the property last year. Sources indicate the brokerage is now guiding pricing around $300 per square foot, which would value the tower at approximately $94.5 million. However, achieving that valuation may depend heavily on the future occupancy plans of the building’s main tenant, law firm Latham & Watkins LLP.
Latham & Watkins currently occupies about 117,000 square feet of space in the tower. The firm last renewed its lease in 2020, with the current agreement set to expire in 2028, according to data from Compstak.
DWS originally purchased the building in 2005 for $118.5 million, meaning a sale at current market expectations could result in a notable loss.
