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Law Firm Takes 48,000 SF at 555 Market

SAN FRANCISCO- Morrison & Foerster LLP is moving its main administrative offices to 555 Market St. from 425 Market St. in late 2006. The lease drops vacancy in the building to 10%. The building is part of the Page Mill Properties Fund portfolio, which owns close to four million sf of property and is being liquidated.

By Brian K. Miller | Updated on January 25, 2006

SAN FRANCISCO-Morrison & Foerster LLP is moving its main administrative offices to Market Center. The venerable law firm has signed a long-term lease for 48,000 sf in 555 Market St., the smaller of two buildings that comprise the 700,000-sf Market Center development. Market Center is owned in part by Divco West’s Page Mill Properties Fund, which owns close to four million sf of properties and is currently being liquidated.

MoFo, as the firm is known, will occupy the second, 11th, 12th and 14th floors of the tower in late 2006. In so doing, it will vacate space at 345 California St. Founded in 1883, MoFo is the highest grossing law firm in the San Francisco Bay Area, according to data complied by the Recorder, a legal journal. Its headquarters remains at 425 Market St.

Neither the length nor the term of the lease was disclosed by the parties involved; however, one industry source familiar with the transaction estimated its value at around $18 million. Tom Poggi, Bill Cumbelich and Charlie Withers of CAC Group represented the ownership of the building. John Cecconi of CAC Group represented Morrison & Foerster. Cecconi did not return a phone call seeking comment.Assuming it was a 10-year deal, the effective rate would work out to about $37.50 per sf per year, full service. A number of large deals have been done recently in the mid-$40s per sf per year, full service, but 555 Market could easily be substantially lower given that the owners acquired Market Center for just $114 per sf, which is less than half of replacement cost.

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