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Project Leasing

 
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In 2003, The Rreef Funds and Divco West Properties made a very timely acquisition of the former Chevron Corporation world headquarters complex at 555 and 575 Market Street in the heart of San Francisco’s Financial District. The two-tower complex was only 15% leased at the time of acquisition in the post-Dot.com recession. The project suffered a perception problems associated with a recent foreclosure, failed Dot.Com leasing, seismic concerns and other issues.
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Bill Cumbelich <br /><br /> <span>Principal</span>
Daphne Spieker <br /><br /> <span>Vice President</span>
Thomas Poggi <br /><br /> <span>Principal</span>
Charlie Withers <br /><br /> <span>Vice President </span>

The CAC Group was selected as Exclusive Leasing Agent and immediately launched a comprehensive leasing campaign in early 2004. The campaign's objectives were to significantly change and improve the market's perception as quickly as possible, to build tour activity and develop a ground swell of leasing success.

Within the same year all three objectives were met and exceeded, as over 220,000 square feet were leased, including a strategically important lease with Omnicom Corporation, one of the World's largest diversified media/advertising companies.

The Omnicom lease which included 9 portfolio companies, helped transform the image of the project from "corporate-only" to "creative and corporate". This leasing milestone opened the doors to a new and broader tenant audience, which resulted in accelerated leasing and rental achievement.

By 2010, Market Center had become San Francisco's most successful leasing project of the decade with in excess of 760,000 sf leased to over 60 companies and occupancy well above 90%. 
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