The entire $215 million project will feature about 1 million sf with 100,000 sf of retail space. St. John Knits will occupy exactly 10,350 sf of space in the tower. The lease term is 10 years at between $35/sf and $45/sf, which is commensurate with other rates in the Union Square area, according to one expert. That would put the aggregate value of the deal at between $3.6 million and $4.7 million.
Cushman & Wakefield's Seth Nodelman brokered the lease deal for the developers, New York-based Millennium Partners and San Francisco-based WDG Ventures. Gene Spiegelman and Andy Kahn of Cushman & Wakefield's New York office represented St. John.
The 40-story building acts as part of the new entryway into the cultural and commercial neighborhoods in the South of Market area. New York-based Millennium Partners and San Francisco-based WDG Ventures in conjunction with Four Seasons Hotels are the developers of project slated to be the finishing touch to the Redevelopment Agency's master plan for Yerba Buena Gardens.
The tower portion of the building will be recessed from the street while composition glass and metal walls will be used along the base of Market Street and the newly landscaped Yerba Buena Lane. Yerba Buena Lane acts as a passage between Market and Mission Streets and will be lined with canopies on either side of a pedestrian promenade with access to retailers and restaurants.
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