San Francisco's High Rents Pushes Company Across Bay

WALNUT CREEK, CA-Forced out of San Francisco by the high rents, a private mortgage insurer will build a 195,000 sf, seven-story headquarters building here at 3003 Oak Rd., near the intersection of Interstate 680 and Treat Boulevard. The PMI Group will move all 375 employees from its 601 Montgomery St. location in San Francisco.

The cost of its new headquarters was not released and there was no information available on what will happen to the company’s San Francisco office. The company began considering East Bay for its worldwide headquarters when it realized the limited amount of space available in San Francisco, it’s price, and the number of workers – more than half of its San Francisco staff — it has living in the East Bay, says PMI president Stephen Smith.