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Comerica Bank Renews Palo Alto Square Lease

PALO ALTO, CA-The 12,840-sf space on the eighth floor of Palo Alto Square V is the headquarters of a bank division catering to technology and life sciences businesses. The renewal is for 10 years.

By Brian K. Miller | Updated on March 22, 2005

PALO ALTO, CA-Comerica Bank will keep its technology and life sciences division headquartered at Palo Alto Square, a five building development here owned by Equity Office Properties. The Detroit-based business bank signed a 10-year direct lease for the 12,840-sf eighth floor of Palo Alto Square V, the same space it was heretofore subleasing from the Cooley Godward law firm.Comerica’s Barry Holtzclaw tells GlobeSt.com that aside from an allowance for tenant improvements, “nothing is changing but the lease arrangement.” Comerica Bank was represented by Sean Toomey of Trammell Crow in the transaction. Equity Office was represented in-house by Byron Woodworth. The Palo Alto Square complex includes five buildings: two 10-story buildings, two two-story buildings and one single-story building for a total of 322,000 sf. The complex is more than 90% occupied and includes a multi-screen movie house operated by Century Theatres.Comerica Bank is among the 20 largest banking companies in the nation, with $51.8 billion in total assets at Dec. 31, 2004. The Bank’s negotiated lease rate at Palo Alto Square was not revealed by the parties involved and not otherwise available on Tuesday. The full service annual asking rate for space at Palo Alto Square is $36 per sf.Looking ahead, Holtzclaw tells GlobeSt.com that Comerica will be opening its first street-level branch in San Francisco in May in one of EOP’s Embarcadero Place buildings. The following month, it will open a second street-level branch on Union Street.

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