Hines And GIC Real Estate Lease 112000 SF Office To Morrison & Foerster At 101 California St
101 California Street
Building Size
112,000 SF
Asset Type
Office
Closing
May 16, 2025
AI
101 California Street is situated in San Francisco and features an office asset encompassing 112,000 square feet. Morrison & Foerster LLP has secured a lease for the space, relocating its headquarters from 425 Market St. to this new address. The transaction represents a downsizing from Morrison & Foerster's previous 220,000 square foot footprint.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 101 California Street
- Market: San Francisco
- Square Footage: 112,000
- Landlord: Jeffrey Hines & Laura Hines-Pierce - Hines; Chow Kiat Lim - GIC Real Estate
- Tenant: Eric T. McCrath - Morrison & Foerster LLP
The relocation marks a significant transition for Morrison & Foerster, impacting 425 Market St., where they were the largest tenant. This change is considered favorable for the landlords Hines and GIC Real Estate, while it presents a challenge for the ownership group of 425 Market, which includes MetLife and Norges Bank.
Players
San Francisco Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93