SAN FRANCISCO-Charles Schwab & Co. has placed 375,000 square feet of Downtown office space on the sublease market as it continues to reduce expenses to help offset a drop in revenues. Company spokeswoman Sarah Bulgatz tells that Cornish & Carey has been tapped to find a sublease tenant for 375,000 square feet in One Montgomery.

The leasehold is one of three totaling more than one million square feet that the locally headquartered financial services firm has in Downtown San Francisco. The operations at One Montgomery are being consolidated into 215 Fremont St. and 211 Main St., where the company leases 373,000 square feet and 371,000 square feet, respectively, Bulgatz says.

Charles Schwab has 13,000 workers total and approximately 3,000 in San Francisco. The remaining term on the sublease and an asking rate were not available. Bulgatz did not have immediate access to that information and the brokers involved could not be reached over the weekend for comment.

The company began shedding workers a couple of months ago as part of a cost reduction effort. Bulgatz says Schwab also is looking to sublease its remaining space in Pleasanton, CA, which consists of approximately 55,000 square feet at Pleasanton Corporate Commons. CM Realty is the broker for that space.

“We believe we must proceed as if the economic environment will not improve for some time,” CFO Joe Martinetto stated in the company’s fourth quarter report. “Accordingly, to help support our priorities while offsetting at least some of the likely revenue pressure, we are proceeding with our previously announced effort to reduce expenses significantly.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.