The Ferry Building has signed a 40,000 square foot lease with Meritage Group LP, a private equity firm. While the size is not big news in today's red hot commercial market, it is the first major office tenant signing for the iconic building since its refurbishment over 10 years ago. The pricing for the deal is also significant, with the equity firm agreeing to pay over $90/square foot, a 50 percent premium over the $60/foot downtown average. The space itself is pretty posh with "30-foot ceilings, a grand staircase and views of the bay, the Bay Bridge, the Embarcadero and the Ferry Building's grand market hall." Meritage Group is planning a full remodel of the current digs.
·Ferry Building nets top dollar in big office deal [SF Business Times]
·Stone & Youngberg LLC [Studios Architecture]