"Representatives from Foley & Mansfield toured on Feb. 7 and the lease was signed March 1," says John Dolby of Shorenstein Realty Services, the property services arm of building owner Shorenstein Co. "This is an extremely fast turnaround time on a deal for a full floor tenant."
Completed in 1990, 1111 Broadway is part of Shorenstein Co.'s Oakland City Center, a 3.5-million-sf, multi-building office development located directly above the 12th Street BART station. Dolby tells GlobeSt.com that three suites totaling approximately 24,000 sf is currently available within 1111 Broadway, which translates to a 5% vacancy rate.
An additional 24,000 sf, the entire ninth floor, will come available in August, Dolby says. The full-service asking lease rate for space in the building is $36 per sf per year, which assumes a five-year commitment and a tenant improvement allowance of $20 per sf.
The ninth and 10th floors were vacated by APL when it downsized its presence in the building from 200,000 sf to 150,000 sf in late 2005. The two floors were then used as staging while the space APL held onto was renovated, Dolby says.
Foley and Mansfield scooped up the 10th floor within two months of it coming available. Dolby expects similar interest in the ninth floor.
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