Top 10 Office Completions in San Francisco
- Apr 01, 2019
As San Francisco’s robust economy continues to perform at high parameters, office demand has remained strong in the face of limited supply. Developers responded by adding just shy of 5 million square feet to the metro’s inventory over the 12 months ending in February, according to Yardi Matrix, marking the highest volume of deliveries since the turn of the century.
Tech firms including Facebook, Salesforce and Adobe snapped up the vast majority of new inventory, with almost all new deliveries being fully leased upon completion. The list below highlights the 10 largest office completions over the past 12 months ending in February, with data sourced from Yardi Matrix.
5. 350 Bush Street
Lincoln Property Co. completed work on 350 Bush Street, a 383,094-square-foot office tower in San Francisco’s North Financial District, in April. Heller Manus Architects designed the project, which encompasses the historical, 1923-built Mining Exchange building, with a number of sustainable features, and the development was pre-certified as LEED Gold in 2015. ICBC Bank provided $152.2 million in construction financing.
Livestreaming platform Twitch moved its headquarters to 185,000 square feet in the building under a 10-year, triple-net lease. Additionally, Australian software firm Atlassian has shifted its North American headquarters to 145,215 square feet across six floors, moving from a repurposed warehouse in the SoMa submarket.
4. 100 Hooper
A two-building mixed-use project, Kilroy Realty Corp.’s 100 Hooper delivered in December, adding 418,200 square feet to the SoMa submarket’s inventory. The development contains 315,000 square feet of office space, 18,541 square feet of retail and 84,659 square feet of production, repair and distribution space.
The property’s office component is fully leased to Adobe. A local brewery and distillery, Seven Stills, signed for 18,000 square feet on the ground floor of the building, where the retailer plans to open a restaurant and utilize some of the asset’s production space for brewing beer, according to the San Francisco Eater.
3. 181 Fremont
In May, Jay Paul Co. delivered its 70-story mixed-use trophy asset at 181 Fremont in the South Financial District. Construction kicked off in 2013, with Starwood Capital Group and First American providing $575 million in financing. In early 2018, the developer refinanced with $475 million in financing from several other lenders.
The building’s 40 stories of office space, totaling 436,000 square feet, are fully leased to Facebook. The high-rise’s upper floors contain 67 luxury residential condominiums, with 3,015 square feet of retail space positioned near the base of the building.
2. MPK 21
Facebook completed work on one of its latest buildings in the San Francisco area in July. Known as MPK 21, the structure totals 512,900 square feet across three stories. The building is positioned alongside the Bayfront Expressway, 25 miles southeast of downtown San Francisco. The LEED Platinum-certified property, designed by architect Frank Gehry, boasts large floor plates, several restaurants, a 3.6-acre rooftop garden and conference facilities.
Next door, the company is already working on its next building, slated to contain some 465,000 additional square feet to Facebook’s campus. The firm is still hungry for more space, evidenced by its new, 803,000-square-foot lease in Burlingame earlier this year.
1. Salesforce Tower
The largest completion in San Francisco in the past year was, far and away, Boston Properties’ and Hines Interests’ 1.4 million-square-foot Salesforce Tower in the South Financial District. Construction began in 2015, and the structure topped out in April 2017. The pre-certified LEED Platinum asset is the tallest building in the metro.
In addition to its office component, the 61-story building, located at 415 Mission St., contains 10,400 square feet of retail across three floors. As the property’s anchor tenant, Salesforce occupies some 714,000 square feet across 30 stories. Other tenants include Accenture, WeWork, Covington & Burling and Vy Capital. CBRE oversees both management and leasing for the asset.