SAN FRANCISCO—Los Angeles-based Alexandria Real EstateEquities Inc. recently revealed a partnership withUber Technologies Inc., including the acquisitionof two key parcels in the Mission Bay submarket of San Francisco,located at 1455 and 1515 Third St., as well as approximately 425existing parking spaces, plans, permits and piles, in the heart ofthis world-class science and technology cluster.
The parcels, which Alexandria had previously sold tosalesforce.com in 2010, will support a total ofapproximately 422,980-rentable-square-feet of new, ground-up, classA facilities. Alexandria and Uber's partnership will be owned 51%by Alexandria and 49% by Uber. The partnership will develop theapproximately area for Uber as it expands its corporateheadquarters in San Francisco in conjunction with a 15-year leasefor the entire project.
The acquisition of the 1455 and 1515 Third St. parcelsreinforces Alexandria's strong emphasis on capital allocation inthe epicenter of the world's most desirable urban real estatemarkets, according to the firm.
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