SAN FRANCISCO—Salesforce has signed anagreement to purchase 50 Fremont St., a 41-story building locatedat the intersection of Fremont and Mission Streets in SanFrancisco's South of Market district. Salesforce is purchasing theproperty from financial services organization TIAA-CREF.
GlobeSt.com learns that the purchase price of the property is$640 million and that the deal is expected to close in the firstquarter of 2016. The tech employer has already hired more than1,100 employees in San Francisco in 2014.
Salesforce currently leases more than 60% of the available spacein the 50 Fremont building, and upon closing of the transaction,Salesforce will have the option to take on additional space in thebuilding as it becomes available. 50 Fremont consists of a 41-storyoffice building and two retail buildings totaling approximately817,000 square feet as well as an adjacent plaza.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.