October 28th, 2009
Heidrick & Struggles Restructures Lease at One California Street
The CoStar Group
By Laurie Forbes
October 28th, 2009
Executive search and consulting firm Heidrick & Struggles restructured and renewed nearly 31,000 square feet in office deals in Atlanta, Houston and San Francisco.
In its renewal of 12,395 square feet at One California St. in San Francisco, Heidrick was also able to shed extra space, score a significantly lower rental rate and get tenant improvement dollars from the landlord for the renovation of its existing office. State Teachers Retirement System of Ohio and Shorenstein Realty Services own the 32-story, 484,129-square-foot, Energy Star-rated building in the financial district. It is 97 percent leased. Tom McDonnell, vice president, leasing at Shorenstein represented the ownership group.
Heidrick renewed 13,452 square feet at SunTrust Bank’s 60-story, 1.25 million-square-foot office tower in downtown Atlanta. The new deal allowed the firm to rid itself of extra space, reduce its rental rate, and SunTrust will fund the upgrade to the 43rd floor office space at the Peachtree Street location. The property is 93 percent leased and the average asking rent per year is approximately $18 per square foot, according to CoStar Group information. Brian D. Hogg, executive vice president of Portman Management Co., represented the landlord.
Heidrick’s staff will relocate into a 4,853-square-foot space in its current building at 600 Travis St. in Houston after a complete fit out of the suite. Prime Asset Management Co. owns Chase Tower, a 1.68 million-square-foot office property in the central business district. It is 92.5 percent leased. The average asking rent per year is approximately $22 per square foot, according to CoStar. Allison A. Knight, director of leasing at Hines, represented the Prime Asset.
Christopher Wood, senior vice president and managing director, along with Scott Goldman, senior vice president, Dan Fisk, vice president, and Adam McCostlin, senior associate, handled the negotiations for Heidrick.
Picture Courtesy of Mike Smith via Flickr
Some text reordered to emphasize San Francisco. No text was changed.
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