The most recent deal was with Regus Group. The publicly traded executive suites company leased the 18,000-sf fourth floor of the building for 10 years. Prior to that, Bovis Lend lease took down close to a full floor. VMWare, which held a billion-dollar IPO earlier this month, expanded within the building; and Bare Escentuals Inc., the publicly held cosmetics company, also expanded, taking another floor-and-a-half.

Anton Qui, the leasing agent for the building, in large part attributed the strong leasing to the large portfolio deals that have transacted recently at top-of-market prices, forcing the new owners to jack up its asking rates on available space. "A lot of tenants are looking for other options and our strategy has been to undercut those rates by 10% to 20% in trade for credit tenants," he tells GlobeSt.com.

The strategy has paid off. Qui says not only is the lease-up ahead of schedule but also the lease rates at which deals are being signed are higher than the new owners' initial expectation, which was for lease rates in the mid-$30s on a full service basis. "We are well ahead of expectations," he says.