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Barclays Preleases 335,000-SF Office Project

SAN FRANCISCO-With a tenant in hand for 96% of the space, Equity Office Properties Trust says it will break ground in the spring for Foundry Square I, a 10-story office building planned for 400 Howard St. in this city's South of Market area.

By Brian K. Miller | Updated on November 21, 2005

SAN FRANCISCO-Barclays Global Investors is making it easy for Equity Office Properties Trust to get started on Foundry Square I. The international asset manager has leased 96% (321,545 sf) of the 10-story 335,000-sf office building planned for 400 Howard St. in this city’s South of Market area. Barclays will be the only office tenant in the building; the remainder of the space will be retail.

EOP says it will break ground for the building in the spring and it will be developed to fit Barclays’ specifications. When complete in December 2007, Barclays will move and expand its world headquarters into the building from about 200,000 sf at 45 Fremont Street, a 580,000-sf office tower owned by MetLife and locally based Shorenstein Co. Barclays new “long-term” lease of Foundry I includes prominent signage on the building. BGI’s global headquarters have been in San Francisco since 1971 and currently employs about 1,000. “In an office market with few large-space options–and limited locations with the floor plates required for our business–we faced a significant challenge in relocating,” says managing director Tom Taggart. “Foundry Square I provides us with a new headquarters that meets our needs, and that will efficiently adapt to our future plans.”

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