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SAN FRANCISCO-The nine-story, 145,000-sf brick-clad building at 120 Howard Street will be renovated and expanded by four floors as soon as two of the floors can be preleased, according to owner Broadway Partners. The New York City based real estate investment and management firm has hired Chris Roeder and Wes Powell of Jones Lang LaSalle to market the project, which is now known by its other address, 188 Spear St.

The four-floor, all-glass addition to the top of the building will add 108,000 sf of space with impressive Bay views. Combined with the top two floors of the existing building, which will soon be available, the available block of space totals nearly 150,000 sf. The building has 90 underground parking spaces.

The addition could be ready for tenants within a year of a signed lease agreement, Roeder says. The asking lease rate ranges from $49 per sf per year for the top two floors of the existing building to $69 per sf per year for the top two floors of the addition. The asking rate for the top two floors is comparable to the low-end of the asking rate for a new ground-up class A office development. As such, Roeder is confident that he can clear the preleasing hurdle this year.

“The requirements are out there in the marketplace; there are a number of large tenants floating around whose existing leases expire in 2010,” Roeder tells GlobeSt.com. “We are talking to tenants seeking everything from 20,000 sf to 150,000 sf, usually technology companies that are expanding and professional services firms that are looking to relocate or consolidate operations. We’re waiting for two floors to be leased [before construction begins] but based on interest I would expect to land a larger tenant than that.”

In addition to the new floor, the building’s lobby will double in size and be completely redesigned, and the building will get new power, HVAC and elevator systems. The goal is to upgrade the building to class A status.

The building is one of four Downtown assets that Broadway Partners acquired from Beacon Capital Partners last year. The others were One Sansome, a 43-story a 652,000-sf office tower that Broadway is under contract to sell for $370 million; 50 Beale Street, a 24-story 662,00-sf office building that CAC Group is marketing for lease; and 100 California, a 15-story, 288,000-sf office building which Roeder is marketing for lease.

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