Big Leases Fill Up 100 Cal
Last year Pembroke made its first move in S.F., scooping up 100 Cal at 83% occupancy and unrolling a plan to recruit tenants. (Last year we asked SVP David Lucey about the plan.) Now, with two recently signed deals, the property is over 90% leased. Subtenant NRG Energy just inked a deal for 51k SF and 101 newbie Fidelity Investments will lease 31k SF, taking a floor and a half at the property. FMR LLC is the parent company for both Fidelity and Pembroke.
Upgrade work is underway and construction will start on its new lobby and amenity enhancements in the coming months. The 288k SF site is comprised of 15 floors with flexible 20k SF floor plates. According to Avison Young, average starting rents are at $61/SF for the Financial District property.