Terranova will occupy its third-floor space in June. The term of the lease is five years. The lease rate on this deal was not immediately available, but deals in the building are being done for between $26- and $28 per sf per year, full service, depending on size and floor. "This move brings us closer to our client base, accommodates our recent growth and gives us room for future expansion," says Jim Foster, Terranova operations manager.
Terranova Consulting Group is a 17-year-old consulting firm providing expertise in the development and delivery of strategic human resource programs and initiatives, organizational change services and leadership development. It is a wholly owned subsidiary of Manpower, Inc. Aileen Dolby of Colliers International's Oakland office represented Terranova Consulting Group in the transaction.
San Francisco-based Shorenstein Company owns an interest in both 500 12th St. and 555 City Center. Shorenstein VP John Dolby tells GlobeSt.com the Terranova lease brings the 128,000-sf of office space at 500 12th St. to 94% leased. The 42,000-sf retail is all but full as well, says Dalby.
Shorenstein's new 486,000-sf 555 City Center, meanwhile, will hit 61% soon when two new tenants are announced later this month, says Dolby. Last month, the law firm of Boornazian, Jensen & Garthe signed on for 18,715 sf on the 18th floor of the 21-story building.
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