East Bay Office Group
Watergate Office Towers in Emeryville in flux.
Emeryville’s Watergate Office Tower tower may be another losing a tenant. Consulting group LECG, currently located 2000 Powell, has merged with Smart Business Advisory & Consulting in Devon, Pa. LECG looks to be relocating is Emeryville headquarters to Devon, PA as a result of the merge.
This continues a streak of negative news for the Watergate Office Towers. Following a subsidiary of Hines giving the keys back to the back defaulting on their loan, US Bank which currently holds the Watergate Office Towers, has been trying to sell the Project. Local entity TMG Partner has been granted receivership of the property, managing the project for US Bank.
Lease rates in the project have dropped from highs, in 2008, of over $3.00 per square foot, to below $2.00 per square foot in 2010. Leases in the office towers as recently as January have been signed at $1.87 psf fully serviced.
For additonal information or to learn more about how you can reduce you leasing costs please contact Dave McCarty or Ben Jones at 510-903-7600.
