It's possible. Construction on the building began in 1925 and was completed in 1927. Hammett's novel, The Maltese Falcon, was published in 1930.
To be sure, I would want to look for the "directions and clues" in the novel, and I would like to find out what buildings occupied the other three corners at Sutter and Montgomery in the late-1920s. I'm not sure when I'll get around to those tasks.
Meanwhile, I keep in mind an observation by my friend, Gloria Lenhardt. The lobby of the building is luxuriously appointed with several kinds of marble and brass elevator doors. Did Spade and Archer attract high-end clients whose fees would pay rent in a posh new building? That seems doubtful, but maybe Hammett was trying to reflect some glamor on his private eye.