November 14th, 2008
Mid-Market gets a boost with Art Institute lease
The Art Institute has expanded their presence at 10 United Nations Plaza recently, and the potential effect on the neighborhood is palatable.
As reported by the Costar Group, the educational provider will be occupying over 50K sqft in the property on a 12 year lease. The influx of students will, in my opinion, change the dynamics of the neighborhood and help the potential leasing of other nearby properties. U.N. Plaza can be a mixed bag depending on what time of the day you visit, but the more people have an opportunity to enjoy some of the benefits of what is offered nearby the more likely future tenants seeking space in San Francisco will choose Mid-Market properties. As we have reported in previous posts, nearby properties undergoing redevelopment include 1035 Market, 1355 Market, and a wide variety of residential buildings. The new Federal Building is open two blocks away, and the economic gap between City Hall and the Westfield Shopping Center continues to get smaller.
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Art Institute Expands at 10 United Nations Plaza
Education Provider Increases Occupancy to 50,000+ SF in San Francisco Office Bldg.
Written by Ryan Munneke of the Costar Group
The Art Institute of California-San Francisco took an additional 40,592 square feet at 10 United Nations Plaza in San Francisco.
The Institute, a leader in design, media arts and fashion education, will take occupancy of the new space on a 12-year deal in April. It currently occupies about 12,100 square feet on the second floor of the building.
The 72,000-square-foot office building delivered in 1982 in San Francisco’s Civic Center submarket.
David Churton and Ryan Payne of Jones Lang LaSalle represented the tenant. J.D. Lumpkin and Jon Dishotsky of Cushman & Wakefield of California represented the landlord, Hill Cos. LLC.
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Thanks for visiting,
Tom Poser, Jones Lang LaSalle, San Francisco
www.sanfranciscotenantrep.com
