The length of Gymboree's commitment matches the remaining term left on Sun's master lease of the building, which commenced upon the building's completion last year. The rental rates, on the other hand, surely do not match. Sun is believed to be paying an annualized rate of between $50 and $55 per sf, triple net. The going rate nowadays for quality SoMa space is in the $20s, full service.

Gymboree and Sun Microsystems did not return phone calls seeking comment. Local real estate sources tell GlobeSt.com that Gymboree will relocate to the building by the end of 2004, and that Sun Microsystems also will be occupying a floor later this year, taking the building from empty to nearly full in a matter of months.

500 Howard has 224,900 sf of office space and 7,800 sf of ground-floor retail space. Its owner is believed to be Utah Retirement Systems. Salt Lake City-based Cottonwood Investors manages the asset. On behalf of URS, Cottonwood is widely reported to have paid $500 per sf for the fully-leased property, or about $116 million. A source close to the ownership tells GlobeSt.com the figure is not correct, but declined to provide an alternate number.