Shorenstein Lands New Tenant in San Francisco

Shorenstein Properties has secured a leasing agreement for 19,137 square feet at 45 Fremont St. in San Francisco. Law firm Dechert is the tenant, which is expanding its local offices by 2,093 square feet. The new space will accommodate roughly 25 attorneys and 11 staff members.

Completed in 1978, the 596,000-square-foot building underwent a cosmetic renovation in 2010. It rises 34 stories with floorplates ranging from 17,000 to 19,433 square feet and features 19 passenger elevators. It is also LEED Platinum certified. Dechert will occupy space on the 26th floor. Other tenants at the property include Slack, Wells Fargo and ClearSlide, according to CommericalEdge data.

In 2017, Blackstone Group acquired a 49 percent stake in the building for $233 million, the same source shows. Additionally, in 2019 the tower became subject to a $347 million loan from Bank of America.

Located within Union Square, 45 Fremont St. is in downtown San Francisco and close to Interstate 80. It is also within walking range of multiple public transit stations and landmarks such as the Ferry Building.

As of January, the vacancy rate in San Francisco reached 23.7 percent, the third highest in the U.S., only surpassed by Houston and Detroit, according to a recent CommercialEdge report. The metro’s vacancy registered the sharpest year-over-year increase, as it rose by 4.9 percent. The listing rate clocked in at $62 per square foot, representing an 8.7 percent drop over 12 months, but remaining considerably above the $37 national average.