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Ironwood Taking 25th Floor of Steuart Tower

SAN FRANCISCO-The investment management firm signs a seven-year lease for the 25th floor of the 27-story building in Downtown San Francisco.

By Brian K. Miller | Updated on September 27, 2006

SAN FRANCISCO-Ironwood Capital Management has signed a long-term lease for the 25th floor of Steuart Tower, a 27-story, 1.4-million-sf building located at the corner of Steuart and Market streets Downtown, providing unobstructed views of the Bay. The building is owned by Equity Office Properties Trust.

Ironwood is currently located at 201 Spear St. The relocation to Steuart Tower will occur in April 2007, after tenant improvements are complete. The seven-year, 16,264-sf lease is valued at $7.62 million, which translates to an average annualized lease rate of just under $67 per sf.

“There is very limited inventory of view space available in San Francisco, making this Steuart Tower location a very hot property,” says Ironwood’s broker, Bradley Colton of Charles Dunn Co. “Within the Steuart Street building, this was the only floor with a view available for the next three years.”

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