Esurance, which has grown from 60 people to more than 1,000 since 1999, is doubling its square footage. It will occupy the entire second floor full and a portion of the first. Esurance's lease rate was not released. The average GAAP base rent in the building is $31.63, according to its 2005 annual report filed last month.
Studley brokers Jacque Ducharme, John Ruskin and Jon Faller represent Esurance, a subsidiary of publicly held White Mountains Insurance Group Ltd. Ducharme says the company wanted to remain in its neighborhood and get most of its employees on a single floor. Also critical was the company's need for turn-key improvements, he says.
CarrAmerica acquired the 276,000-sf Golden Gateway Commons development in 1999 for $72.8 million and has since invested an additional $9 million in the property. As of the end of 2005, the property was 98.5% occupied and has produced a an annual GAAP base rent of $8.6 million. Other tenants include Sharper Image Corporation (22% of the building), Norcal Mutual Insurance Co. (19%) and ABM Industries Inc. (13%), according to the filing.
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