The television station has signed a 10-year lease for about 25,000 sq. ft. at 840 - 848 Battery Street. This building, which was once a distributing center for a dairy cooperative, will be used by NBC to house its national, local and NBC-affiliated sales office. MSNBC and NBC News will broadcast from the Battery Street location. KNTV's main broadcast center, management and news headquarters is operated in San Jose.
According to sources, the property owner, Giurland, Inc. the landlord will complete a seismic upgrade of the building, and KNTV will make modifications necessary to convert the space from office use into a television studio.
In addition, KNTV will be allowed to install satellite dishes and emergency generators in other parts of the building, and will have space nearby to store its news vans and other essential vehicles. The KNTV facility will use the address 840 Battery Street. The average asking rate for this type of space in the Downtown area is $32 per sf.
J. Randall Toch of Hopkins & Carley, building manager Erik A. Foraker, Vice President of Peter Sullivan Associates, Inc., and Jim Sobel of Colliers International represented Giurland, Inc. in the lease negotiations. Ross Adler, also of Hopkins & Carley, assisted in the transaction. NBC's in-house legal counsel Andrew Fossett, GE Corporate Real Estate Project Manager George Fricke, and Bill Walsh and Phil Tippit of CB Richard Ellis, represented KNTV and NBC.
"840 Battery Street is a great fit for KNTV and NBC, and this lease is a great opportunity for Giurland Inc. The building is located across the street from KPIX (Channel 5) and around the corner from KGO (Channel 7). The lease ensures that our client's building has been stabilized with a high-profile, credit tenant, which is quite an achievement given the current real estate market," says Toch. "The Bay Area is the fifth-largest television market area in the country, and it is important for NBC to be equipped to service the entire Bay Area as it looks to expand its local news coverage, as well as its standing in the marketplace."
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