SAN FRANCISCO-Allen Matkins Leck Gamble & Mallory LLP is relocating its offices next June to Embarcadero Center Three. Currently located at 333 Bush on a lease that runs through May, the law firm signed a 10-year lease for 40,000 sf at Three Embarcadero, one of six buildings that comprise the four-million-sf Embarcadero Center on the waterfront Downtown.
Embarcadero Center is owned by Boston Properties. The company's locally based SVP of leasing Allen Palmer was not available for comment. Mark McGranahan at Cushman & Wakefield represented the law firm. McGranahan also was not available Monday afternoon for comment.
The new lease partially offsets the impending loss of KPMG, which will leave Three Embarcadero late next year for 90,000-sf in 55 Second St., a 26-story Financial District office building owned by a partnership of Cousins Properties Inc. and Myers Development Co.
In an October filing with the SEC, Boston Properties reported that the 773,693-sf Embarcadero Center Three building was 86.3% leased. The average lease rate for its occupied space in the building was $42.04 per sf. The occupancy and the average lease rate are the lowest of the five Embarcadero buildings, according to the filing.
All told, Boston Properties owns nine buildings in the San Francisco market with a combined square footage of about 4.7 million sf. According to the October filing, the average occupancy of the company's San Francisco portfolio was 85.7% and the average rental rate was $47.17. The occupancy figure was pushed down by the company's 250,000-sf 611 Gateway Building in South San Francisco, which is unoccupied.
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