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SAN FRANCISCO-The University of California at San Francisco has signed a long-term lease for the fifth floor of the Mills Building, a 22-story financial district office building at 220 Montgomery St. The 38,297-sf full-floor lease drops vacancy in the building to 2%, according to the building owner, Swig Co.

UCSF leased the space for its Development Office. The office will relocate from 44 Montgomery St. The move is expected to occur in the second quarter of 2008. The negotiated lease terms were not immediately available. The average class B asking lease rate in the North Financial District is $39 per sf per year, according to a third quarter report from Cornish & Carey.

Swig Co. leasing director David Fuette says the commitment by UCSF is the largest the building has seen this year. Fuette intimated that part of the allure of the building for the University was its floor plates, which are large enough to house the operations of its Development Office on a single floor. A University spokesperson was not immediately available Tuesday for comment.

The Swig Company has owned and managed 220 Montgomery since 1954. The building received a $20-million overhaul in 2002-2003. Karl Baldauf and Liz Hart, both of Cornish & Carey Commercial’s San Francisco office have the leasing assignment for the building.

The Swig Co.’s 9 million-sf office portfolio includes approximately 2 million sf in San Francisco. The company added to its Downtown holdings in January with the nearby 180 Montgomery building. It acquired the 300,000-sf class A office building for $128 million in partnership with New York-based Mitsui Fudosan America Inc. Other San Francisco buildings in its portfolio include The Russ Building at 235 Montgomery Street; 115 Sansome Street; and 369 Pine Street, all in the financial district; and 501 Second Street and 633 Folsom Street in the South of Market (SoMa) district. The company also owns commercial development sites at 350 Bush Street and 500 Pine Street in San Francisco, Kaiser Center in Oakland and 444 Castro Street in downtown Mountain View.

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