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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