John Dolby, vice president of leasing for Shorenstein Cos.' multi-building Oakland City Center portfolio, tells GlobeSt.com the bank will be completing its own tenant improvements beginning this month and expects to occupy the space in December or January. The long-term commitment is one of the larger leases in Shorenstein's Oakland portfolio this year.

The negotiated lease rate was not released by the parties involved and not otherwise immediately available. The full-service asking rate for space in the building is $30 per sf per year.

The seventh floor of 505 14th St. has been vacant since May. The lease leaves just 7,400 sf available in the 169,000-sf building, Dolby says.

All told, Shorenstein owns 1.6 million sf of Oakland City Center, which totals about 3.5 million sf and includes 18 restaurants and food outlets, a dozen retail shops and services, an athletic club and parking for 2,840 vehicles. The Marriott Hotel and Oakland Convention Center sit across the street from the development.

Shorenstein's piece of Oakland City Center is 97% leased, Dolby says. By comparison, the average vacancy rate in Downtown Oakland is 7% on a direct basis.

In addition to 404 14th, Shorenstein's Oakland City Center portfolio includes 555 City Center (487,000 sf), 1111 Broadway (560,000 sf), 1300 Clay (180,000 sf) and City Square (160,000 sf). The other buildings at Oakland City Center are 1333 Broadway, a 230,000-sf building owned by Brandywine Realty Trust; 475 14th, a 160,000-sf building owned by Rreef; and 1221 Broadway, a 500,000-sf building owned and occupied by Clorox Co.