SAN FRANCISCO-The San Francisco-based international law firm Orrick Herrington and Sutcliffe LLP this week leased 157,000 sf atop 405 Howard Street, a new 505,000-sf Downtown building developed by San Francisco-based Wilson Meany Sullivan for Chicago-based Equity Office Properties.

The 650-lawyer firm is currently located in 144,000 sf in the old Federal Reserve Building, a Boston Properties project. The 15-year lease at 405 Howard is for the top four floors of the 10-story building completed in September 2002. It includes naming rights, substantial signage rights and future expansion rights.

The negotiated lease rate on the lease is not being disclosed by the parties involved. The asking rate for the space was in the mid-$30s per sf, fully serviced, but net effective rents are running at a 10%-15% discount when owner concessions such as free rent and above-standard tenants improvements are factored in. Assuming an average annual full-service rate of $35 per sf over the life of the lease, the deal value would be $84 million.