The law firm subleased the space to Bankserv at a significant discount to market rates but is covering its own costs, local industry sources tell GlobeSt.com. When Heller Ehrman signed its lease, asking rates were in the $30s per sf. Now, however, class A view space such as that subleased by Bankserv is being marketed at $50 per sf.

"We were able to create a real estate solution that mirrored Bankserv's operational and growth plans while doing so at a rate satisfactory to all parties," says one of the tenant's brokers, Hugh Scott of Staubach. In a prepared statement, Scott added that he and his fellow brokers were working under a limited time frame and a very specific budget. Staubach brokers Greg Fogg and Tom Maloney also worked the tenant side of the transaction; Steve Barker of Studley represented the law firm.

The space Bankserv is taking is fairly built out but the company is making additional improvements prior to making the move, which is scheduled for mid-August. The move will be concurrent with the expiration of the company's existing lease at 222 Kearney.

Located in the financial district, 333 Bush St. is a 43-story, 542,743-sf class A office property. The building changed hands in June for $281 million. It was 75% leased at the time. A JV of Sterling American Property and Hines acquired the building acquired the asset from an affiliate of Prudential. America Online is another tenant in the building.

Sterling American property sees the 135,000 sf of vacancy as an opportunity, given the Financial District's shrinking vacancy rate and rising asking rate. Hines is acting as the on-site property and leasing manager.