140 New Montgomery in San Francisco Signs 56,000 SF in Leases

CBRE and Pembroke announced 55,913 sq. ft. in new leases at 140 New Montgomery Street in San Francisco. New tenants include super{set}, Calendly and Heidrick & Struggles. Additionally, Bloomberg, the building’s largest tenant, has renewed its tenancy.

“Well-located and an architectural treasure, Pembroke’s 140 New Montgomery has outperformed in the San Francisco office market over the past four years. It will take time for the San Francisco office market to rebalance its supply and demand, but creating a vibrant office environment with thoughtful amenities will provide a quality experience for today’s tenants in the market,” said Bill Cumbelich, executive vice president at CBRE.

Built in 1925, 140 New Montgomery was one of San Francisco’s tallest skyscrapers at the time. It symbolized technological advancement, innovation and artistry, and was the headquarters to Pacific Telephone and Telegraph. The iconic Art Deco tower is 26-stories totaling 298,500 sq. ft. and was renovated to restore the exterior architecture and modernize the building’s interior with panoramic views of downtown San Francisco.

Building amenities include a private courtyard, onsite restaurant Mourad, locker rooms with showers, bike storage and tune-up station, and a newly launched app for tenants to enhance their on-site experience and curate a vibrant workplace that attracts employees to the office. The property is next to the San Francisco Museum of Modern Art and walking distance to Transbay Park, Yerba Buena Center, St. Regis Hotel and Palace Hotel.

“These new leases demonstrate the commitment of the highly skilled talent and innovation businesses in the market and their recognition that it is important to create workplaces where teams can come together to collaborate and be inspired by well-designed spaces that elevate creative thinking. San Francisco is resilient, and we’re excited to welcome forward-thinking tenants that are poised to position the City for growth,” said Stacey Spurr, Pembroke’s West Coast Regional Director.

super{set} is a startup studio that combines data and artificial intelligence to deliver transformational solutions. With their people-first performance culture and company-building playbooks, super{set} founds, funds and scales high-potential businesses.

“Being in the heart of downtown San Francisco is evidence not just of our growth but also of our deep love for this city. As our employees shake off the doldrums of the pandemic and we double down on our commitment to building successful startups centered on data and AI, 140 New Montgomery provides a superb environment for deep collaboration, knowledge sharing, and community engagement,” said Tom Chavez, Founding General Partner at super{set}.

Heidrick & Struggles is the premier provider of global leadership advisory and on-demand talent solutions, serving senior-level talent and consulting needs of the world’s top organizations. As trusted leadership advisors, the firm partners with clients to develop future-ready leaders and organizations, create diverse and inclusive cultures, and transform their­ teams to achieve the highest levels of leadership performance.

“The workforce is evolving, and as a result, our teams at Heidrick & Struggles are adapting how they work. Our vibrant space at 140 New Montgomery will allow our employees to deepen relationships across the organization through enhanced collaboration. San Francisco remains an important market to our business, and we are excited to welcome clients into our new office,” said John Thom, global head of real estate & conferences at Heidrick & Struggles.

Calendly delivers a robust and intuitive scheduling platform that enables individuals, teams, and organizations globally to automate meetings – helping companies close deals, hire candidates, build relationships, and grow their business faster. The remote-first company will use the collaborative work space for their team to come together.

CBRE’s Bill Cumbelich, Dean McPadden and Jack Beritzhoff represented Pembroke in the deals. Since 2021, CBRE has completed 15 deals across 18 floors at 140 New Montgomery, totaling 197,395 sq. ft. The building is now 82% occupied, with only 54,185 sq. ft. available for lease.

Savills’ Michael McCandless and Denis Karas represented super{set}; JLL’s Hugh Scott, Derek Johnson and Jack Nelson represented Calendly; CBRE’s Phil Tippett represented Bloomberg; and CBRE’s Jack Beritzhoff represented Heidrick & Struggles.

The San Francisco office market is beginning to transition out of its four-year downturn, according to CBRE Research. In the first quarter of 2024, there were 6 million sq. ft. of tenant requirements, up from 4.2 million sq. ft. in Q4 2023 and 3.4 million sq. ft. in Q1 2023. Artificial intelligence companies accounted for 28% of total leasing activity in 2023 and remain a significant source of demand in 2024.