The 31-story, 500,000-sf building is located at 235 Montgomery Street, in the North Financial District. It was built in 1927 and is owned by a partnership of Shorenstein Co. and Swig Co. The lease rate was not revealed, but sources familiar with the deal put the figure at $40 per sf, which would translate to $44.8 million over 10 years -- not discounting for owner concessions, which were not released.
Farella, Braun & Martell has been a tenant in the historic Russ Building for more than 40 years, expanding its presence from an original 5,000 sf. The new lease represents an expansion of more than 30,000 sf from the law firm's present 80,000 sf commitment.
BT Commercial Real Estate represented Farella, Braun & Martell in this transaction. Shorenstein Realty Services represented the building ownership, a partnership managed by Shorenstein Co.
At the end of the third quarter, the North financial district had a vacancy rate of 14.23%. Average weighted asking rents were $32.41 per sf for class B space and $46.44 per sf for class A space.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
