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JLL Lands Leasing, Management of 1M SF

SAN FRANCISCO-At 1.4 million sf, One Market represents the largest third-party assignment to be handed out here in many years.

By Brian K. Miller | Updated on April 15, 2007

SAN FRANCISCO-Jones Lang LaSalle has gained a couple of plum full-service office assignments as of late. The local office of the Chicago-based brokerage and property management firm has been tapped by Morgan Stanley to lease the 1.4million-sf One Market complex at the base of Market Street as well as 301 Howard, a newer, 307,000-sf class A tower in the South Financial District.

One Market comprises the 42-story Spear Tower, the 27-story Steuart Tower and a six-story annex building. It is said to be the largest third-party assignment handed out in San Francisco in a decade. One Market’s buildings have water views from almost every floor and command rents in the mid-to-high $50s per sf, some of the highest rates in the city. The complex is 98% leased.

Alas, JLL can’t publicly talk about the assignment yet because it doesn’t become official until after Morgan Stanley acquires the asset as part of a 10-building, $2.5-billion acquisition of Equity Office Properties assets from Blackstone Group. The deal is reportedly in escrow but has not yet closed. JLL managing directors Wes Powell and Chris Roeder have the leasing assignment.

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