140 New Montgomery Nearly Fully Leased with the Addition of A* and Reflection AI

CBRE and Pembroke announced that Reflection AI, an AI start-up company building frontier open-source models, and A*, an early-stage venture capital firm backing outlier founders from idea to IPO, have leased a combined 30,000 sq. ft. at 140 New Montgomery Street in San Francisco. With these two leases complete, in addition to the renewal of Calendly, only one office floor remains available for lease at the highly coveted Art Deco tower.

These deals showcase the leasing momentum at 140 New Montgomery. In 2025, more than 58,000 sq. ft. were leased, and the building is now 94% occupied.

“San Francisco’s office market is experiencing some of its strongest leasing momentum in years, driven in large part by the rapid expansion of AI and next‑generation technology companies. These latest leases highlight the importance of workplaces being innovative and collaborative to meet the needs of companies’ cultures,” said Dean McPadden, first vice president at CBRE. “With its historic character, modern infrastructure, dynamic community and premium offerings, 140 New Montgomery delivers the kind of high‑quality environment where scaling companies can create the type of office environments that attract talent, enable collaboration and drive innovation.”

“Pembroke’s hands-on, customer-centric approach has been instrumental in successful leasing at 140 New Montgomery. Each member of the team leans in to support a positive experience for our new tenants from initial tour to lease execution, through construction management to move-in and this collaborative engagement continues through partnership during the lease term. We’re thrilled to welcome Reflection AI and A* to the 140 New Montgomery tenant community,” said Stacey Spurr, senior regional director at Pembroke.

When it was built in 1925, 140 New Montgomery was one of San Francisco’s tallest skyscrapers. It was the headquarters to the forward-thinking Pacific Telephone and Telegraph company, and 140 New Montgomery has symbolized innovation, technological advancement and future-forward design since its beginning. The Art Deco tower is 26 stories, totaling approximately 300,000 sq. ft., and the exteriors and interiors have been renovated to modernize the building in a way that complements its heritage and showcases its iconic views.

"Our mission is to build open intelligence accessible to all, and San Francisco is an incredible hub of AI talent and infrastructure we need to keep pushing this mission forward," said Drayton Wade, head of growth and operations at Reflection AI. "This new space allows us to continue growing our research team to advance open model development."

Building amenities include Shoji Café and Restaurant, a private courtyard, locker rooms with showers, bike storage with tune-up stations and an ongoing calendar of curated events and services managed by the onsite Experience Manager. The property is situated adjacent to the San Francisco Museum of Modern Art and walking distance to Transbay Park, Yerba Buena Center, St. Regis Hotel and Palace Hotel.

“When we first moved into 140 New Montgomery, we immediately felt the energy of the building’s history and the strength of its community,” said Savannah Barker, VP, People at Calendly. “Extending our lease helps build upon the momentum we have experienced when we bring our team together in this office. Being surrounded by other forward‑thinking companies in such an iconic San Francisco landmark supports the kind of collaboration, creativity and connection that fuels Calendly’s growth.”

CBRE’s Bill Cumbelich, Dean McPadden and Jack Beritzhoff represented Pembroke in the deal. Hugh Scott of JLL represented Reflection AI and Carter Beim of Colliers represented A*. JLL’s Hugh Scott, Derek Johnson and Jack Nelson represented Calendly.