None of the parties involved in the transaction would discuss the negotiated lease rate, but local brokers tell GlobeSt.com that deals in the building are being done for between $26 and $28 per sf per year, full service, depending on the size of the lease, where it's at in the building and the cost of tenant improvements. Long-term deals, commitments of 10 years or more, also have included several months of free rent.
Based in San Antonio, TX, Clear Channel is one of the largest outdoor advertising companies in Northern California. Company president Bill Hooper says the company is making the move to 555 City Center because of the building's proximity to transportation and neighboring retail. About 50 of the company's 100-person Northern California division will be located in the building.
555 City Center is located directly above the 12th Street BART station, across the street from the Oakland Convention Center and two blocks from Interstate 580. Matt Elmquist with Aegis Realty Partners represented Clear Channel in its lease negotiations. John Dolby is Shorenstein's in-house leasing representative.
In addition to the Clear Channel lease, Carol H. Williams Advertising recently expanded its lease in the building by 25% and now leases 30,000 sf in the building. The company's new five-year lease began Oct. 1.
The new leases bring the building to just over 70% leased, which Dolby said in August was the company's year-end goal. There are now four full floors available in the building--the third, fourth, fifth and 21st floors, each of which are about 24,000 sf. Smaller spaces are available on the second, sixth, 16th and 20th floors.
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