Adams Street Partners is expanding from 40,500 sf to 47,504 sf. The Adams lease has been extended until 2014, says Tiffany Winne, managing director at Studley. L.E.K. Consulting has extended its lease for 15,134 sf until 2014. Both have been tenants since the building was constructed in 2001.
The lease rates were not disclosed, but Winne said that the asking rate for office sf in the area is between $28 per sf and $32 per sf. Incentives for both firms included rent abatement and tenant improvement allowances.
A partnership with Deutsch Bank AG Investment Fund purchased the 1.3 million-sf building in 2002 for $415 million, roughly $310 per sf. The building currently is only 2.9% vacant and "even the space that is available in that building is all encumbered," she says. Winne says she believes the low vacancy rate is because of the prime location and the continued growth of the building's original tenants.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.