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120 Howard Gaining Four Floors, New Address

SAN FRANCISCO-The nine-story, brick-clad building will be renovated and expanded by four floors as soon as two of the floors are preleased.

By Brian K. Miller | Updated on June 18, 2008

SAN FRANCISCO-The nine-story, 145,000-sf brick-clad building at 120 Howard Street will be renovated and expanded by four floors as soon as two of the floors can be preleased, according to owner Broadway Partners. The New York City based real estate investment and management firm has hired Chris Roeder and Wes Powell of Jones Lang LaSalle to market the project, which is now known by its other address, 188 Spear St.

The four-floor, all-glass addition to the top of the building will add 108,000 sf of space with impressive Bay views. Combined with the top two floors of the existing building, which will soon be available, the available block of space totals nearly 150,000 sf. The building has 90 underground parking spaces.

The addition could be ready for tenants within a year of a signed lease agreement, Roeder says. The asking lease rate ranges from $49 per sf per year for the top two floors of the existing building to $69 per sf per year for the top two floors of the addition. The asking rate for the top two floors is comparable to the low-end of the asking rate for a new ground-up class A office development. As such, Roeder is confident that he can clear the preleasing hurdle this year.

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