Siebel, which signed a 10-year lease with Equity Office a few years ago, currently controls 344,433-sf of space in the development, which is located on Powell Street. Some 80,000 sf of that space was put on the sublease market late last year. Seibel is has more than four floors at Watergate on the sublease market.Both the software firm and the local office market are facing hard times. Siebel's income dropped approximately 60% percent in the second quarter of this year, according to earnings reports, while the Emeryville office market currently suffers from a 37% vacancy rate, according to figures from BT Commercial.
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