Lease Transactions Raise Occupancy at 221 Main St. to 92%

SAN FRANCISCO-A combination of tenant retention and new leasing has brought occupancy to 92% at 221 Main St., a 16-story, 350,000-sf class A office building in San Francisco.A local family owns the building and farms out the leasing assignment to John Jensen of Grubb & Ellis. Jensen tells GlobeSt.com that 15 deals totaling 134,000 sf have been completed at the building in the last 12 months. Most recently, in addition to a host of smaller deals, Triage Consulting signed a 21,255-sf, 11-year renewal and expansion lease and the engineering firm URS renewed its 21,462-sf lease for another seven years.

“(URS) had the right to terminate the lease but we got them to extend the lease for another seven years,” says Jensen, who acknowledged that it was a ‘blend and extend’ deal, meaning the building owner dropped the rate in exchange for a longer-term commitment by the tenant.

Triage Consulting, a longtime tenant in the building currently housed in 10,000 sf on the 14th floor, is taking another 4,500 sf of expansion space there until next June, when it will take over the entire 11th floor. The 11th floor is currently occupied by a company that is relocating to the East Bay in January. Jim Sobel of Colliers International represented Triage in the transaction.