Bisnow Exclusive: Big Renewal at 388 Market
We've got the inside scoop on the renewal from First Republic Bank, which just exercised its option to renew for five years for just over 100k SF.
Dunhill Partners West CEO Mark Hutchinson (right, during a helicopter snowboarding trip to Blue River Canada last year with buddy Dr. Keith White) repped landlord Honorway Investment Corp, and tells us the parties agreed to a rate back in December but it took a couple of months to get it all done. Now the 26-story building is 100% occupied, pending a small 2,400 SF expansion of an existing tenant.
Mark thinks the bank renewed at 388 Market (pictured) because it has a large block of space at 111 Pine and 1 Front and wished to stay close to “the campus.” Plus First Republic enjoys significant signage on 388 Market and it’s a quality building in a quality location with underground valet parking and a private fitness center, he says. The bank's space has been improved over the years so it didn't need to be remodeled. Avison Young's Nick Slonek and John Cashin repped the tenant.
