The value of the lease is estimated at about $4.4 million. The asking lease rate in the building is $22 per sf per year, but because of the length of the lease term, the net effective rent is likely a couple of dollars higher.
The firm was no doubt courted by the brokers for several other buildings, built and planned. Grubb & Ellis reportedly employed a space planner out of Walnut Creek to help the firm determine how its offices would layout in the different buildings it was considering.
"It lets the tenant better compare lease rates because it may take less square feet to get the layout they want in one building and more in another," says one source. "It doesn't replace a detailed space plan, but it helps people make smarter decisions on the front end."
Tom Remley was the Grubb & Ellis broker representing the law firm. He did not return phone calls seeking comment.
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