Sterling American, Hines purchase high-rise

In a transaction that builds upon its fast-expanding office portfolio in the San Francisco Bay Area, Sterling American Property Inc., in a joint venture with Hines, announced today the acquisition of the 120 Montgomery Street building in San Francisco for $67.5 million.

This marks the 36th acquisition for Sterling American Property Fund IV. 

The 25-story, 420,310-square-foot building includes an excellent roster of tenants such as the U.S. General Services Administration (GSA), Wells Fargo Bank and the Segal Co.

Sterling American and Hines plan to begin a comprehensive repositioning strategy to lease the property at current market levels.

The seller was Equity Office Properties Trust.

New York-based Sterling American Property Inc is a real estate investment affiliate of Sterling Equities and American Securities LP. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.

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