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Institute Sublets Last of DHL Space at 50 California

SAN FRANCISCO-The full-floor lease concludes an effort by Cushman & Wakefield broker Chris Roeder to fill 95,000 sf in the building for which DHL Express (USA) Inc. is on the hook through the end of 2010.

By Brian K. Miller | Updated on April 17, 2005

SAN FRANCISCO-The Institute for OneWorld Health has subleased the fifth floor at 50 California Street from DHL Express (USA) Inc. The nonprofit organization will relocate to the building from 580 California Street. The 18,871-sf, 5.5-year lease commences in the next 60 days. The space is being delivered in its current condition, fully furnished and ready to be occupied. The lease concludes an effort by Cushman & Wakefield broker Chris Roeder to fill 95,000 sf in the building for which DHL Express (USA) Inc. is on the hook through the end of 2010. The space was utilized as the headquarters for DHL until they moved to Florida following the company’s acquisition by Deutsche Post.C&W obtained the sublease assignment last fall. Shortly thereafter, it backfilled the biggest chunk of space, 75,000 sf on floors 11-14, with Accacia Pacific. Both leases are co-terminus with DHL’s master lease agreement, Roeder tells GlobeSt.com.The negotiated lease rates on the transactions were not released by the parties involved and not otherwise immediately available. The building is owner by locally based Shorenstein. Direct rates in the building start in the mid $20s per sf per year for the lower floors and rise to the low $40s for view space.

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