Old Federal Reserve Bank Building (San Francisco)
| Company type | Private |
|---|---|
| Industry | Real estate, Event venue |
| Founded | 1924 |
| Headquarters | San Francisco, California , United States |
| Products | Office spaces, Event hosting |
| Owner | Bently Holdings |
The Old Federal Reserve Bank of San Francisco Building, currently known as the Bently Reserve, functioned as the primary headquarters of the Federal Reserve Bank of San Francisco for close to six decades. Situated at 400 Sansome Street within San Francisco's Financial District, this edifice was crafted by architect George W. Kelham. Its Ionic columned façade is a quintessential example of Beaux-Arts design, while the upper sections display characteristics of the 1924 Moderne movement. Inside, the banking hall showcases a mural created by Jules Guerin, renowned for his contributions to the 1915 Panama–Pacific International Exposition. The structure was officially listed on the National Register of Historic Places in 1984.
In 1983, the Federal Reserve Bank transitioned to more spacious premises at 101 Market Street, leading to the sale of the Sansome Street property to private investors. The prestigious law firm Orrick, Herrington & Sutcliffe occupied the building until 2002. Presently owned by Bently Holdings, the upper floors are rented out as office spaces, while the Banking Hall and boardrooms are utilized for hosting fundraisers, corporate events, meetings, and conferences.
Construction
Operations for the San Francisco Federal Reserve Bank commenced on November 16, 1914, in leased facilities located behind the Merchants National Bank as mandated by the Federal Reserve Act. This arrangement was temporary pending construction of a dedicated building.
By 1918, a plot enclosed by Sacramento, Sansome, Battery, and Commercial streets was acquired for erecting the new Federal Reserve headquarters; this site covered . George Kelham—who served as chief architect for the 1915 Panama-Pacific International Exposition and was a prominent figure in San Francisco’s architectural scene—was appointed to design the building. Although construction was initially scheduled for 1919, shortages in labor and materials caused delays; work eventually commenced in early 1920 and concluded in 1924.
Relocation of the Federal Reserve
The Federal Reserve Bank relocated in 1983 to larger office space at 101 Market Street, selling its former location at 400 Sansome Street to private developers. John J. Balles, then-President of the San Francisco Federal Reserve, explained that consolidation was necessary due to staff growth—from just 21 employees in 1914 to nearly 1,000—spanning multiple downtown sites beyond the original building.
Private ownership
After vacating by the Federal Reserve, 400 Sansome Street was leased as commercial office space until Boston Properties purchased it in 1998 and introduced event rentals within the Banking Hall. Following the departure of law firm Orrick, Herrington & Sutcliffe in 2004, Bently Holdings acquired the property from Boston Properties in April 2005 for $46.8 million.
Architecture
As San Francisco’s inaugural structure constructed specifically for the Federal Reserve System, this building stands as an important example of monumental federal architecture from the early twentieth century. It continues to represent classical banking hall design principles and draws inspiration from ideals showcased during the 1915 Panama-Pacific International Exposition. The edifice presents an Ionic colonnade reflecting Beaux-Arts aesthetics on its lower levels combined with upper stories exhibiting characteristics of the 1924 Moderne style. The Temple-style Banking Hall contains murals painted by Jules Guerin, who also contributed artistic elements to the Panama-Pacific International Exhibition. Its foundation was engineered to support an additional fourteen floors of office space if required.
Art
Architect Arthur Brown Jr., who served as the lead architect for the 1915 Exposition, partnered with muralist Jules Guerin—renowned for his contributions to the Lincoln Memorial—to produce Traders of the Adriatic, a vibrant mural located in the main lobby. This artwork portrays Venetian merchants and serves as a symbol of banking and commerce.
In 1990, New Realist sculptor Arman contributed two notable pieces, Dionysus and Hermes, positioned at the Sansome Street entrance. Collectively, these sculptures are identified as "Hermes and Dyonisos: Monument to Analysis."
Positioned between Le Meridien San Francisco and the Old Federal Reserve Building on Commercial Street is a bronze sphere featuring black etchings by German artist Fritz Koenig. This untitled piece shares conceptual similarities with Koenig’s The Sphere at the World Trade Center and is documented within the Smithsonian Art Inventories.
Restoration and LEED-CS certification
In 2004, Boston Properties disclosed an occupancy rate of merely 0.8% for this property. Following its acquisition of the Old Federal Reserve Building, Bently Holdings undertook an extensive interior renovation aimed at improving tenant attraction.
The restoration project maintained the building’s original Beaux-Arts aesthetic while incorporating contemporary technologies and sustainable design principles. The renovation utilized renewable flooring materials and optimized artificial lighting to harmonize with natural daylight. A daylight harvesting system alongside a Central Building Automation and Control Network was implemented to monitor occupancy levels and adjust HVAC and lighting systems accordingly, significantly reducing energy consumption. These innovations resulted in a 66% annual reduction in lighting energy expenses. The building’s original multi-pane windows from 1924 were retained to maximize daylight infiltration, further enhancing energy efficiency.
Significant areas such as the Banking Hall were restored to integrate historic elements with modern technological upgrades. Architecturally designed chandeliers underwent careful refurbishment alongside installation of energy-efficient lighting solutions. Hand-painted travertine walls, Italian marble flooring, Doric columns, and the grand staircase were all meticulously restored, while the Jules Guerin mural received professional cleaning and preservation.
Bently Holdings directed the renovation process with construction managed by BCCI Builders. In December 2009, the Bently Reserve achieved LEED Silver certification under the National Leadership in Energy and Environmental Design Green Building Rating System for Core and Shell Development (LEED Silver CS).
The Bently Reserve today
Currently, the building’s upper levels are occupied by prominent tenants including Smith Group, the Bar Association of San Francisco, and the Energy Foundation. Since purchasing the property in 2005, owner Christopher Bently has emphasized sustainability by mandating that all incoming tenants meet a minimum of LEED Silver certification. The Energy Foundation’s office became one of only thirteen locations worldwide—and notably the first commercial site in San Francisco—to receive LEED-CI Platinum Certification from the US Green Building Council.
The Bently Reserve is outfitted with cutting-edge technology such as high-definition audio systems, on-demand video recording capabilities, digital videoconferencing, and high-speed Wi-Fi connectivity. A secure fiber optic infrastructure provides a dedicated network environment for tenants and hosted events.
The lower floors continue to serve as venues for special occasions, corporate meetings, and conferences. Promoted as an environmentally responsible event space, it offers a curated selection of sustainable vendors and caterers.
Beneath its foundation rest two ships—the Apollo and Niantic storeships—intentionally sunk during the California Gold Rush era. Two meeting rooms within the building bear their names in tribute.