The school also leased an additional 27,500 sf on the third floor of the property, according to Ritchie Commercial, the brokerage firm with the leasing assignment.
The university leases the space mostly for its Ambulatory Services and the Information Technology departments. The leasing agent for the property, Ritchie Commercial's Carla Scimemi says the five-year deal took 18 months to negotiate. UCSF decided to stay in the building because it met the IT department's need for an environment with robust technology infrastructure as well as the general logistics needs of UCSF's personnel, Scimemi says.
With $21 per sf rents and parking, the office complex has attracted tenants priced out of other parts of the city. Scimemi said it's a challenge to draw tenants from the Peninsula because of San Francisco's payroll tax. While it's a San Francisco address and it has parking, the lack of services relative to the city center has made the property difficult to lease.
Nonetheless, Scimemi has been able to make serious headway. When Universal Paragon handed her the leasing assignment for 150 and 250 Executive Park 18 months ago, the 100,000-sf buildings were 25% and 50% vacant, respectively. Now, 250 Executive Park is fully leased and the other is 95% leased.
"It is the first time in 13 years that [150 & 250 Executive Park] have approached full occupancy," Scimemi says.
The third building at Executive Park, 5 Thomas Mellon Circle, is another 100,000-sf building. The building is owned by George Yerby and is 25% vacant. Scimemi does not have the listing for this property.
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