Mike Rosendin of Colliers International represented Berliner Cohen in the transaction. "We looked at going; we started with 10 different buildings, whittled it down to four and then two and ultimately decided to stay," says Rosendin. "It's a great time to lock in rates Downtown because the market has somewhat stabilized; the amount of property that's been coming to market has slowed significantly."
Rosendin declined to speak on the deal specifics, but local brokers say monthly full-service asking rates for similar class A buildings downtown range from $2.75 per sf to $3.00 per sf, including a "significant" tenant improvement package.
Ten Almaden is Equity Office Properties only building Downtown. EOP's regional SVP John Petersen tells GlobeSt.com the lease keeps the building fully occupied in a market with an average vacancy of 20%. "That building has held up relatively well," says Petersen. "We've had strong lease commitments that have kept it well leased."
While EOP won by this law firm remaining Downtown, it also recently won by another law firm leaving Downtown and heading out toward the airport, where vacancy is higher and rents are lower. Miller Morton Caillat Nevis LP recently signed a lease that will move it from Forest City's Knight Ridder Building at 50 West San Fernando to EOP's Metro Plaza.
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