Outdoor Advertiser Moving to 555 City Center

OAKLAND, CA-Clear Channel Outdoor Inc. this spring will move its Northern California division headquarters from a Port of Oakland building on Maritime Street to 555 City Center. According to San Francisco-based Shorenstein Co., which owns an interest in the new Downtown class A office building and handles its management and leasing, the Texas-based company has signed a 10-year lease for 10,854 on the 9th floor of the 21-story building. The lease commences March 1, 2004.

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.