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Case Study

Morgan Lewis & Bockius

Situation/Process

  • Morgan Lewis (Morgan) turned to its advisors at Jones Lang LaSalle as the firm approached its 2011 lease expiration at Spear Tower in San Francisco.
  • At that time, the San Francisco real estate market fell into a deep recession and large blocks of space in Class A buildings in the downtown market were empty and available.

Results

  • We advised Morgan to engage ownership at One Market, and helped the firm achieve the following:
    • Average full service rental rate that was equivalent to the rate at which they moved into the space eight years earlier.
    • Obtain a re-fit allowance of $50 per square foot. 
    • Add an additional contiguous floor at the top of their occupancy.
    • Receive in excess of a year’s rental abatement.
    • Reset the base year for expenses to 2009.
    • Have the landlord forego re-measurement of the existing premises.
    • Obtain a termination right for up to three floors of their leasehold.
    • Receive rights of first offer for up to four contiguous floors in their elevator bank.

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