U.S. Bank, the fifth largest commercial bank in the nation, will also occupy a 3,000-square- foot facilitytoward the rear of the State Street property.Shooz, a retailer, most recently occupied the space, located at 936 State Street, at the east corner ofCarrillo Street.
The property has a long history of playing home to banks. In 1877, the Santa Barbara Savings and LoanSociety owned the building, according to a news release announcing the lease.After changing hands several times, First Federal Saving and Loan bought the building in 1950. In 1965the building was rebuilt for Mission Federal, with fortifications that included 14-inch thick walls thatstand to this day.
The Sobhani family has owned the property since 1994.The lease is the latest in a string of high-profile exchanges in the 900 block of State Street, whichincludes recent additions like retail kingpins Apple and Forever 21.Since early 2008, the block has seen 13 real estate deals resulting in more than 72,000 square feet, thenews release stated.”
Since the beginning of the recession over two years ago, smaller retailers and even local ‘mom and pop’ stores have been able to lease space on the 900 block that would have been out of reach at the peakfour or five years ago,” said Kristopher Roth, a broker for the firm Hayes Commercial Group, whichnegotiated the deal.