SAN FRANCISCO—Salesforce has signed an agreement to purchase 50 Fremont St., a 41-story building located at the intersection of Fremont and Mission Streets in San Francisco's South of Market district. Salesforce is purchasing the property 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 first quarter of 2016. The tech employer has already hired more than 1,100 employees in San Francisco in 2014.
Salesforce currently leases more than 60% of the available space in the 50 Fremont building, and upon closing of the transaction, Salesforce will have the option to take on additional space in the building as it becomes available. 50 Fremont consists of a 41-story office building and two retail buildings totaling approximately 817,000 square feet as well as an adjacent plaza.
Stay tuned for more about the deal, including why TIAA-CREF chose to sell, in an upcoming story on GlobeSt.com.
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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.
