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Committee backs eight-year Pier 26 lease with IDEO, citing steady revenue and tenant improvements
Summary
The committee recommended approval of an eight-year lease with design firm IDEO for roughly 26,900 sq ft at Pier 26 Annex, with first-year rent at $3.35/sq ft ($90,118/month), an estimated $1.1 million to the Port in year one and about $10 million over eight years; the Port said it prefers extending leases for stable office tenants rather than competitive solicitations.
Elsa Lam, property manager for the Port of San Francisco, requested Board approval to enter lease L16159 with IDEO for office space at Pier 26 Annex. Lam said IDEO has been a long-standing tenant and occupies roughly 26,900 square feet; the lease sets first-year rent at $3.35 per square foot (stated as $90,118 per month), rises to…
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