SAN FRANCISCO-Jones Lang LaSalle has gained a couple of plum full-service office assignments as of late. The local office of the Chicago-based brokerage and property management firm has been tapped by Morgan Stanley to lease the 1.4million-sf One Market complex at the base of Market Street as well as 301 Howard, a newer, 307,000-sf class A tower in the South Financial District.

One Market comprises the 42-story Spear Tower, the 27-story Steuart Tower and a six-story annex building. It is said to be the largest third-party assignment handed out in San Francisco in a decade. One Market’s buildings have water views from almost every floor and command rents in the mid-to-high $50s per sf, some of the highest rates in the city. The complex is 98% leased.

Alas, JLL can’t publicly talk about the assignment yet because it doesn’t become official until after Morgan Stanley acquires the asset as part of a 10-building, $2.5-billion acquisition of Equity Office Properties assets from Blackstone Group. The deal is reportedly in escrow but has not yet closed. JLL managing directors Wes Powell and Chris Roeder have the leasing assignment.

Powell can talk about his other assignment, though. The 23-story building at 301 Howard is a well-leased, late-1980s vintage asset with Bay views, unique architecture, convenient access to the Bay Bridge and a goodly amount of near-term rollover. JLL was picked for the assignment by Archon Group LP, the Goldman Sachs Group Inc. affiliate that recently acquired the building.

Powell, who with Jennifer O’Connell has the leasing assignment, tells that leases representing about half the building are set to expire over the next three years, which given rising rental rates is an opportunity for both JLL and Archon. Powell declined to discuss the asking lease rate for the property but local industry sources tell that the average asking rate for class A properties like 301 Howard has risen up into the low $40s per sf. Morgan Stanley Dean Witter and the General Services Administration (GSA) are two of the tenants.

“This building sits right at heart of one of the most vibrant areas Downtown,” Powell says. “There are new development and new residential developments taking place all around it.”

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