Posted by: BayAreaComRE | July 1, 2010

Sourced: Morrison & Foerster Inks a 17 Year, 220,000 RSF Deal

This is taken from the SF Business Times and confirmed with our internal team. The second biggest deal in terms of RSF and largest deal in 2010 in terms of gross revenue was closed this week at 425 Market Street. We cannot disclose the terms as our firm was involved in the deal, so we are just posting the story and will add our analysis when the deal becomes public. Thanks to J.K. Dineen for the coverage.

Law firm Morrison & Foerster LLP has signed a 220,000-square-foot 17-year deal at 425 Market St., the second biggest lease of the year in San Francisco based on square footage.

The long-term lease is a renewal and represents a 20 percent reduction for the San Francisco-based law firm, which has over 1,000 attorneys in 16 offices worldwide. MoFo will reduce its total footprint at 425 Market St. from 10 to eight floors.

John Cecconi of the CAC Group represented the tenant. Zach Siegel and Bob Kraynak of Cushman & Wakefield lease the building for owner MetLife.

While MoFo’s existing lease does not expire until 2012, the deal represents the latest example of large tenants jumping into the market early to take advantage of current depressed rate. Other large recent transactions include a 225,000 square foot Salesforce lease at the Landmark at One Market and Deloitte’s 180,000 square foot deal pending at 555 Mission St. The Deloitte lease also represents a downsizing, as the consultant current occupies 280,000 square feet at 45 Fremont St.

Although the leasing rates of the MoFo deal were not disclosed, it is probably the biggest lease of the year based on value.

Read more: MoFo inks huge 17-year lease in S.F. – San Francisco Business Times


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