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H5 Tech Takes 53,000-SF at 71 Stevenson

SAN FRANCISCO-The seven-year lease drops availability in the 23-story, 323,276-sf building to 45,000 sf. Less than a year ago, more than half of the building was vacant.

By Brian K. Miller | Updated on January 03, 2008

SAN FRANCISCO-Another chunk of 71 Stevenson was taken off the market recently by H5 Technologies, which signed a seven-year lease for 53,000 sf. The locally based company will occupy the second, third and fifth floors of the 23-story, 323,276-sf CBD office building. Occupancy is slated to occur in mid-2008 after tenant improvements are completed.

H5 provides large-scale document review technology to corporate law departments and large law firms. The new lease represents about a 20% increase in space for H5. The company is currently headquartered at 55 Second St. The negotiated lease rate on the H5 lease was not released by the parties involved but the pro forma lease rate for the asset is in the mid $30s per sf per year.

The building owner is Forward One, a Burlingame, CA-based LLC whose parent company is based in Taiwan. In September 2006, Forward One paid $105 million in cash for the building in order to complete an IRS 1031 exchange that began with the sale of a property in Hawaii.

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