SAN FRANCISCO-Acacia Pacific Holdings has subleased 75,484 sf of plug-and-play space at 50 California St. The insurance claim company inked a six-year lease for floors 11-14 in the building and soon will relocate from 37 Grove St. and 1200 Folsom St. The sublessor is Brussels-based global shipper DHL, which master leases about 95,000 sf of office space in the Shorenstein-owned building. DHL, which keeps a retail location on the ground floor, vacated its office space last year concurrent with the relocation of its US headquarters to Florida.Christopher T. Roeder and Matt Griffin of Cushman & Wakefield represented DHL in the transaction. Jack Shanfeld of Los Angeles represented Acacia Pacific. Roeder tells GlobeSt.com he started marketing the space in May. “DHL was extremely pleased that we were able to find a large tenant that needed to move in and start paying rent immediately,” says Roeder. “They will be able to recoup a good percentage of their leasehold obligation going forward.”Roeder declined to discuss the financial details of the agreement, but did say the negotiated rate was a significant discount to what a direct deal might be signed at and included a fully furnished, plug-and-play space. Local sources tell GlobeSt.com that a direct rate in the building for a large tenant would be in the mid-to-high $20s per sf per year. “The fact that the floors came with furniture and cabling in place was a big factor in completing this deal as Acacia Pacific plans to occupy in the next few weeks,” adds Roeder.Cushman & Wakefield’s third quarter statistics show that vacant sublease space accounts for just 23.2% of the total amount of vacant space citywide, considerably down from the high of 47.1% registered at fourth quarter 2001. The transaction ranks as the second largest sublease deal of the year, behind Gymboree’s 162,371-sf deal at 500 Howard St., according to C&W.

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