The Old Federal Reserve Bank of San Francisco Building, now known as the Bently Reserve, was the main headquarters building of the Federal Reserve Bank of San Francisco for nearly sixty years. The building is located at 400 Sansome Street, in the Financial District of San Francisco. Designed by George W. Kelham, the building has an Ionic colonnade that is pure Beaux-Arts, while the upper building is in the new Moderne fashion of 1924. The banking lobby at the Sansome Street entrance contains a mural by Jules Guerin, the artist who created the palette for the 1915 Panama–Pacific International Exposition. The Old Federal Reserve was added to the National Register of Historic Places in 1984.
In 1983, the Federal Reserve Bank of San Francisco relocated to larger facilities at 101 Market Street, and the 400 Sansome Street location was sold to private developers who rented out the space. Prominent law firm Orrick, Herrington & Sutcliffe was headquartered in the building until 2002, when the firm moved out of the space. The building is currently owned by private developers Bently Holdings, who currently rent the upper floors as office space. The Banking Hall and board rooms are booked for fundraisers, events, meetings, and conferences.
History
Construction
The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to meet the provisions of the Federal Reserve Act. This location was to be a temporary one, until a Federal Reserve building could be completed.
In the spring of 1918 a building site bounded by Sacramento, Sansome, Battery, and Commercial streets was purchased for the Federal Reserve's future home; the lot measured . George Kelham, who had been the chief architect for the 1915 Panama-Pacific International Exposition, was a prominent San Francisco architect who led the conservative wing of the San Francisco architectural establishment, was chosen to design the building. In 1919 construction was slated to begin, but delayed due to a shortage of labor and materials; however, the need for additional facilities had become so pressing that construction began in early 1920. The building was completed in 1924.
Relocation of the Federal Reserve
In 1983 the Federal Reserve Bank relocated to larger facilities at 101 Market Street, and the 400 Sansome Street location was sold to private developers.
John J. Balles, then the President of the San Francisco Federal Reserve, cited the need to consolidate departments as a reason for the move. In a press release, he said that "when the San Francisco Federal Bank opened for business in 1914, we had a staff of 21 people. Today, we have approximately 1,000 employees in San Francisco alone. They have spilled over into other downtown buildings from our main building at 400 Sansome, which we have occupied for more than half a century."
Private ownership
After the Federal Reserve relocated, the 400 Sansome Street location was sold to private developers, and leased as office space until 1998, when Boston Properties purchased the building and began renting the Banking Hall for private events in addition to the office space. In 2004, the law firm Orrick, Herrington, & Sutcliffe moved out of the building, leaving it essentially vacant until Bently Holdings purchased it from Boston Properties in April 2005 for 46.8 million dollars.
Architecture
The Federal Reserve Bank Building is significant as the first structure built for the Federal Reserve System in San Francisco, and representative of the Federal Government's association with monumental architecture at the beginning of the 20th century. It currently stands as an intact contributor to San Francisco's important collection of classically designed banking halls, as well as an expression of the ideals of the Panama-Pacific International Exposition of 1915. The building, with its row of free-standing eagles perched above the large entablature particularly expresses the federal presence.
The building has an Ionic colonnade that is pure Beaux-Arts, while the upper levels are in the new Moderne fashion of 1924. Inside, the Banking Hall was designed in a Temple style, and featured murals by Jules Guerin, who created the palette for the 1915 Panama-Pacific International Exhibition.
The foundation of the original building was designed to support an additional fourteen stories of offices.