Cornish & Carey, listing agent for the Spieker Propertiesdevelopment, has so far preleased 101,000 sf for 15 years to theNew York-based law firm Weil, Gotshal & Manges. The companywill take four contiguous floors in the middle of the firstcompleted building, Spieker CFO Stuart Rothstein told GlobeSt.While interest has been expressed in portions of the remainingspace, no negotiations are underway, and no letters of intent havebeen submitted, Rothstein said.

The law firm will relocate from its current quarters on SandHill Road in Palo Alto, so the $90/sf rent probably seems paltry.Indeed, with Sand Hill rents pushing $150/sf, the law firm will nodoubt be able to sublease its existing space for more than it willpay Spieker. The firm will likely occupy its new space toward theend of 2001.

Menlo Park-based Spieker, which owns and operates more than 7million sf of office space throughout the Silicon Valley and SanFrancisco Peninsula markets, also announced third-quarter dividendson Wednesday. Common stock shareholders of record as of Sept. 29will receive a third-quarter dividend of 70 cents a share on Oct.20.