SAN FRANCISCO—UBER Technologies Inc.—a cutting-edge technology platform designed to connect drivers and riders in order to help facilitate convenient, seamless transportation options—has expanded its lease at 1455 Market St. by an additional 130,434 square feet. The lease now totals 218,568 square feet.
In July 2013, UBER signed a lease encompassing 88,134 square feet of initial occupancy at the Hudson Pacific Properties Inc. building.
Occupancy under the expansion is expected to occur in stages, with 24,270 square feet of currently vacant space scheduled for commencement in October 2014, and 14,364 square feet of currently vacant space scheduled for commencement in November 2014. The remaining 91,800 square feet backfills a corresponding amount of space currently occupied by the project's largest tenant that was scheduled to expire in December 2015; this space is scheduled to be occupied in April 2015.
With the execution of this expansion and another earlier signed lease with Rocket Fuel Inc., the office component of 1455 Market is effectively fully leased.
“This lease expansion with a very successful San Francisco-based technology company exemplifies Hudson's strength in operating best-in-class office properties, with a strong technology, media and entertainment tenancy,” says Victor J. Coleman, chairman and CEO of Hudson Pacific Properties.
Hudson Pacific Properties did not provide GlobeSt.com with any additional commentary by deadline. 1455 Market Street is a 1-million-square-foot, 22-story, class-A office building situated on 3.01 acres and located in the Mid-Market submarket of San Francisco, which has become one of San Francisco's newest technology and business hubs. 1455 Market is in close proximity to some of San Francisco's largest government and cultural institutions.
As GlobeSt.com previously reported, in 2013, roughly 800,000 square feet was occupied by tech companies either migrating (or expanding) from Silicon Valley to San Francisco. Mid-Market has seen an increase in activity: Twitter leads the charge with its headquarter move in early 2013 and is looking to expand into 1 Tenth (337,909 square feet) come 2014, as GlobeSt.com reported. As the technology sector continues to grow, look for Mid-Market to become the new tech hot spot, says brokerage firm Avison Young.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
