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Pacific Maritime Association Inks 20,283-SF Office Lease

SAN FRANCISCO-The negotiator and administrator of maritime labor agreements with the International Longshore and Warehouse Union leases the entire third floor at 555 Market St.

By Brian K. Miller | Updated on July 06, 2005

SAN FRANCISCO-Pacific Maritime Association has signed a full-floor lease here for space at 555 Market St., a class A office building. The 20,283-sf lease is for the entire third floor of the Downtown high rise, which is owned by Divco West. Pacific Maritime will relocate to 555 Market from its existing location at 550 California St. The move is being prompted by several factors, not the least of which is the fact that 555 Market’s new owner, Wells Fargo, will be taking space in the building as an owner occupant. In addition, Pacific Maritime was in need of more cost-efficient and functional office space, says Studley managing director John Ruskin, who with Studley vice chairman Jacque Ducharme represented Pacific Maritime in the transaction. “PMA’s growth at 550 occurred in a piecemeal fashion over many years, resulting in a layout that lacked functionality and was less than employee-friendly,” Ruskin says. “By relocating to 555 Market, PMA will be able to start fresh and configure its workspace in a way more suitable to how it operates in the 21st century. Moreover, we were able to save them considerable dollars going forward as their previous lease was signed at what are now above-market rates.”Pacific Maritime negotiates and administers labor agreements on behalf of the International Longshore and Warehouse Union. Pacific Maritime CFO Michael Wechsler says the new lease had to be negotiated and executed in just one month due to the circumstances.William Cumbelich of CAC Group represented Divco West in partnership with Divco’s in-house leasing director Wendy Lister.

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