140 New Montgomery Street, originally known as The Pacific Telephone & Telegraph Company Building and, after 1984, as The Pacific Bell Building The The PacBell Building, in the South of Market district of San Francisco (United States). It is a mixed-use art deco office tower located near the St. Regis Museum Tower and the San Francisco Museum of Modern Art.
The 26-story building was designed to consolidate numerous smaller buildings and outdated offices into a modern headquarters for The Pacific Telephone & Telegraph Co., and as a result, the company designated it as the Pacific Telephone & Telegraph Co. Coastal Division Offices. although it is known colloquially as The Telephone Building.When it opened on May 30, 1925, the Pacific Telephone Building was San Francisco’s first significant skyscraper development, and was the tallest building in San Francisco, until the Russ Building matched its height in 1927 at the time of its completion. The building was the first skyscraper south of Market Street and, along with the Russ Building, remained the tallest in the city until it was overtaken by 650 California Street in 1964. It was the first skyscraper located on the West Coast to be occupied. only for a single tenant
AT&T sold the building in 2007, and in 2013, the Internet company Yelp is the main tenant.
Construction and original tenant[editar]
At the time of its construction, it housed The Pacific Telephone & Telegraph Co., a member of the Bell System. The building once had a bell motif in many places on its facade, most notably surrounding the arch above the main entrance doors on New Montgomery Street. After the breakup of the Bell System (AT&T) in 1984, and the formation of the Bell Regional Operating Companies, also known as Baby Bells, Pacific Telephone changed its name to Pacific Bell.
Statues of eight eagles (each 4 m high) perch on the crown of the tower.The building has an L-shaped plan and the architecture incorporates decorative spotlights to display the terracotta ornamentation of the exterior day and night.
In 1929, Winston Churchill visited the building and made his first transatlantic phone call, calling his London home.
For 44 years until 1978, the top of the roof was used to broadcast official storm warnings to sailors under the direction of the National Weather Service, in the form of a 25-foot-long triangular red flag during the day, and a red light at night.
In the XXI century[editar]
In 2007, AT&T sold the PacBell building to Stockbridge Capital Group and Wilson Meany Sullivan for $ 118 million.In 2008, the new owners submitted plans to convert the tower into 118 luxury condos. However, those plans were suspended during the 2008 financial crisis and the building stood empty for almost six years.
Following a surge in demand for offices in 2010-2011, Wilson Meany Sullivan switched plans back to office space. Major renovation work began in February 2012, to improve the building’s seismic performance, install completely new mechanical, electrical, plumbing, and fire sprinkler systems, and preserve and restore the building’s historic lobby, at an estimated cost of 80 to 100 million dollars.In 2012, Yelp announced that it had signed a lease for the building’s 9,300 m² of office space through 2020.After two expansions, the company had a total of almost 14,000 m² on 13 floors in the fall of 2015.
In April 2016, Pembroke Real Estate Inc., a Boston-based REIT, acquired 140 New Montgomery as part of its portfolio, its second acquisition in San Francisco.According to property records, Pembroke paid $ 284 million for the property, about $ 962 per square foot.
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- Poletti, Therese (7 March 2012). «New Call by Developer on Historic Tower». The Wall Street Journal (in American English). Accessed 9 December 2012. «A historic skyscraper in downtown San Francisco, the Pacific Telephone & Telegraph building, empty for almost six years, is about to become a hub of construction activity as a US$50 million–plus modernization project begins. … This is a new strategy from the developer, which in 2008 filed plans to turn the tower, also known as the Telephone Building, into 118 luxury condominiums, at an estimated cost of US$80 million to US$100 million.»
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- Li, Roland (24 March 2017). «Wilson Meany sells a revamped, historic gem (video)». San Francisco Business Times (in American English). Accessed 17 December 2018.