The back-to-back lease deliveries will put the Department of Justice onto the entire 45th floor, more than 20,000 sf, in December. Inbound in November is Charles Schwab, which took 3,100 sf for a showcase investor center to light the lobby's office space for the first time in seven years. Texas Pacific Land Trust, a 10-year tenant, re-upped 3,300 sf on the 16th floor for another five years. The trio, with the justice department and Charles Schwab tied to 10-year leases, takes the year-to-date total to 70,000 sf, Jeff Eckert, TCC's vice president who along with principal Jim Yoder, handle 1700 Pacific's leasing. On the tenants' sides, Trevor Franke represented Charles Schwab, the GSA sat in for the justice department and Texas Pacific used in-house representation.
"The building is very well positioned from a leasing position," Eckert says, adding that the deliveries are being made at "market rates." The final bell rings on offers at a 70% occupancy and he's got several more in the pipeline. The building's quoted rate is $16.50 plus electric.
The 49-story 1700 Pacific Ave. came to market without an ask in mid-June. Early predictions were it would pull more than $100 million. "We're running a silent auction," John Alvarado, TCC senior vice president, tells GlobeSt.com about the Boston-based Credit Suisse First Boston offering. "The investment community is going to us what it's worth. Even if we don't get the desired $100 million that doesn't mean it won't trade."
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