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iXL Enterprises Hands Back 95,000 SF

SAN FRANCISCO-The Atlanta-based consultancy was going to take floors 18-25 in Tishman Speyer's 575 Market St. "We signed a 15 year lease, and we paid a lease termination fee and are now no longer involved with the property," confirms an iXL official.

By Christina Chanes Nystrom | Updated on April 27, 2001

SAN FRANCISCO-iXL Enterprises paid an undisclosed lease termination fee earlier this month to get out from under a 15-year, 95,000-sf lease in 575 Market St., a 300,000-sf building owned by New York-based Tishman Speyer Properties. The building’s top 12 floors are reportedly available.

iXL’s senior vice president of Real Estate Coart Johnson tells GlobeSt the Atlanta-based systems integration consultancy had planned to floors 18-25, but will is keeping only a small staff in the Bay Area. “We signed a 15 year lease, and we paid a lease termination fee and are now no longer involved with the property,” said Johnson, declining to get into specifics.

The decision to terminate the lease was made following an unsuccessful attempt to sublease the building. The Staubach Co.’s Kevin Brennan, the one hired to find a sublease tenant, declined to comment, citing a confidentiality agreement. Tishman’s Jeff Cushman also declined comment.

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