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 inspring 2005 from Hill Cos. LLC for $57 million. Currentavailability in the building is about 45,000 sf, including theentire 14th floor and two-thirds of the 17th floor. Leasingactivity suggests that vacancy in the building will shrink furtherin the near-term.

One of the tenants in the building is the IRS, for which the USGeneral Service Administration in 2006 inked a 33,000 sf lease thatruns through 2016. The negotiated lease rate is currently $36.19per sf, according to the GSA, which tells GlobeSt.com thatnegotiations are underway for an expansion of its leasehold withinthe building. Other tenants in the building include Hemming MorseInc., which in May 2005 leased 28,774 sf on the 18th and 19thfloors for 7.5 years, and McGraw-Hill Cos., which signed along-term lease for 47,460 sf on the lower floors of the buildingin 2003.

The negotiated lease rates for PlayFirst and ValueClick were notreleased by the parties involved. Local industry sources tellGlobeSt.com that recent lease deals in the upper half of thebuilding were at lease rates in the low-to-mid $40s per sf peryear, fully-serviced.

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

  • 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
NOT FOR REPRINT

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