February 22nd, 2009
Cannon Design to 201 Mission, Marriott International to 45 Fremont
Cannon Design has signed to take 9,000 square feet at 201 Mission Street according to the San Francisco Business Times, and the Costar Group has reported that the administrative offices of Marriott International has leased 19,000 square feet at 45 Fremont.
The 201 Mission lease was actually a sublease, 1/2 a floor from the Lexis Nexis, while the Marriott lease was on a direct basis from Shorenstein, who represented themselves. These two transactions don’t tell us very much about the direction of pricing in the marketplace, but they do let us know that activity is occurring and some tenants are deciding that now is the time to dive in and commit to future costs. As I have mentioned previously, timing the market can be dangerous and it is more important to get pricing that reflects the trough of the downturn as opposed to the exact bottom. Knowing the state of the sublease market, and knowing that Shorenstein has made some great decisions recently to get ahead of pricing and lock in tenants instead of sticking with high asking rates, I believe that Marriott, Lexis Nexis, Shorenstein, and Cannon all came out as winners in these transactions.
Cannon Design Article From The San Francisco Business TImes
Marriott International Article From Costar.com
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If there is anything I can do to help you as a Tenant Representative in the commercial real estate world, please do not hesitate to get in touch with me.
Thanks for visiting,
Tom Poser, Jones Lang LaSalle, San Francisco
415-395-4941
www.sanfranciscotenantrep.com
