The expected renewal keeps another large chunk of space from coming back on an already hurting Downtown market. Available inventory in San Francisco's 26-million-sf Financial District remains high, with vacancy at 19.5% as of last week, including sublease space. The 16-million-sf South Financial District is at about the same percentage.
In another California Street lease, Ritchie Commercial Real Estate has signed a 4,500-sf to occupy a ground-floor office suite at 351 California St. The company is expanding from its 3,200-sf, long-term home at 41 Sutter St., which is named after the company. The company signed its new 10-year lease with landlord Brugnara Corp., which was represented by Colliers International. Ritchie Commercial represented itself. The average asking rate for the space in the building is in the $30's per sf, full service.
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