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.
Winne and Studley executive vice president John Goodman represented Adams in the transaction. Winne and executive managing director Lisa Davidson represented L.E.K. Barbara Schenberg, senior vice president with the John Buck Co., represented the building owner.
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