Invesco Provides Refinancing for Swig Company's 491,000-SF Mills Building in San Francisco, Arranged by Gantry

The Swig Company has completed the refinancing of the Mills Building, a 491,000-square-foot, 22-story office property at 220 Montgomery Street in San Francisco's Financial District, the company announced July 14. Invesco provided the financing, which was arranged by Jeff Wilcox at Gantry.

Deal Details and Parties

The transaction marks a new debt placement on one of San Francisco's most historically significant office buildings. Built in 1891, the Mills Building has been owned by The Swig Company since 1954 — a tenure of more than 70 years. Financial terms of the refinancing were not disclosed.

"We're delighted to secure this new financing with Invesco Real Estate for the Mills Building, an iconic office property firmly focused on delivering the character, flexibility, and contemporary amenities that employers and employees want in a workplace today. Our thanks to Invesco Real Estate and Jeff Wilcox for a seamless process," said Will Sandman, Executive Vice President and Director of Asset Management at The Swig Company.

Invesco Real Estate framed the transaction within its broader credit strategy. "We're excited to provide the Swig Company with financing for the Mills Building. This investment aligns with Invesco's credit business philosophy of lending to best-in-class sponsors on quality assets in liquid markets. The Mills Building has been under the Swig Company's ownership for more than 70 years, reflecting a long-term investment horizon and commitment to the dynamic city of San Francisco. We thank the Swig and Gantry teams for the opportunity," said Justin Chausse, Managing Director at Invesco Real Estate.

Leasing Momentum and Spec Suite Program

The Swig Company credited the building's spec suite program as a key factor in supporting the refinancing outcome. Over the past year, more than 80,000 square feet of high-end creative spec suites were built and leased at the property, driving a substantial increase in building occupancy, according to the company.

The tenant roster at the Mills Building includes global design firms Gensler and Huntsman Architecture, conservation organization Save the Redwoods, workplace solutions company Haworth, and San Francisco nonprofit Tipping Point Community.

The building offers onsite parking, a wellness room with yoga mats, a bike sanctuary with storage and maintenance facilities, shower rooms, and a flexible conference center with seating configurations ranging from 7 to 55 people, with complimentary WiFi.

Sustainability Credentials

The Mills Building has held LEED Gold certification since 2012 and is also EPA Energy Star certified. Some individual tenant spaces within the building carry LEED Platinum and FitWel 3-star certifications.

Company Backgrounds

Invesco Real Estate reported $86.3 billion in real estate assets under management, 596 employees, and 21 regional offices across the U.S., Europe, and Asia Pacific as of December 31, 2025. The firm operates as part of Invesco Private Markets and invests across the risk-return spectrum in both equity and debt strategies.

The Swig Company is a privately owned, San Francisco-based real estate operator with a 90-year history of investment, development, and management of commercial real estate properties across major U.S. markets. The firm was founded by Benjamin H. Swig in 1936. Gantry is a commercial mortgage banking firm that arranged the financing on behalf of The Swig Company.