SAN FRANCISCO-Two Internet companies recently soaked up two-and-a-half floors in the upper half of 160 Spear St., a 19-story, 290,000-sf office tower that not long ago was vacant from the 10th through 16th floors. The building owner, Legacy Partners, acquired the asset with the vacancy at the end of 2006 for $86.5 million, which is just under $300 per sf.PlayFirst, an online gaming company inked a 5.5-year lease for 25,024 sf on the 12th and 13th floors that will be its headquarters. ValueClick, an online marketing company, signed a long-term lease for the entire 15th floor, which totals 15,869 sf. Both leases are scheduled to commence in June.

Situated just one block south of Market Street, 160 Spear St. overlooks both the San Francisco Bay and the Transbay Terminal. Ellis Partners acquired the leasehold interest in the building in spring 2005 from Hill Cos. LLC for $57 million. Current availability in the building is about 45,000 sf, including the entire 14th floor and two-thirds of the 17th floor. Leasing activity suggests that vacancy in the building will shrink further in the near-term.

One of the tenants in the building is the IRS, for which the US General Service Administration in 2006 inked a 33,000 sf lease that runs through 2016. The negotiated lease rate is currently $36.19 per sf, according to the GSA, which tells that negotiations are underway for an expansion of its leasehold within the building. Other tenants in the building include Hemming Morse Inc., which in May 2005 leased 28,774 sf on the 18th and 19th floors for 7.5 years, and McGraw-Hill Cos., which signed a long-term lease for 47,460 sf on the lower floors of the building in 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.