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by Carolyn Said, Chronicle Staff Writer
San Francisco’s Pacific Telephone Building, an Art Moderne architectural gem built in 1925, has provoked a spirited bidding war among real estate developers with dozens of offers for the landmark skyscraper, according to sources familiar with the transaction.
Owner AT&T confirmed that it is selling the 26-story building at 140 New Montgomery St., which has been vacant for 18 months.
“We were assessing the market and waiting for improved conditions,” said AT&T spokesman John Britton. “We think the time became right with the opening of the St. Regis a stone’s throw away. That indicated this is a hot spot and a great location.”
Britton said AT&T did not name an asking price. It is common in commercial real-estate sales to let the market set the price.
Real estate experts said the property might go for $400 to $500 a square foot, which would give the 26-story, 342,000-square-foot building a price |
