The San Francisco site at 221 Main is a 5-year-old building owned by the Booth Family. The CMA is paying roughly $30/sf for the space. It hopes to turn a substantial profit on the sublease. The agency originally thought it could get double the rent it is currently paying, but a cooling market may result in a deal in the $40s or early $50s.
CMA is one of a handful of companies to pour space back onto the market since the beginning of the year. More than 800,000 sf of sublease space has come back onto the San Francisco market since January, according to a Whitney Cressman report released earlier this month. Vacancy rates for both direct and sublease space will shoot up from 2.16% in third quarter 2000 to more than 8% by the end of March, according to the report.
The temporary Oakland location was not immediately available. The CMA's new home in Sacramento is located at the intersection of 12th and J Street.
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