The Bay Area has one of the tightest office markets in the country. Will this change in 2019? CRE experts weigh in on Sept. 13!
Facebook’s leasing momentum doesn’t appear to be slowing down this year, with another entire campus lease in the works in the San Francisco Peninsula. The tech company’s leases so far this year have totaled over 3.7M SF, and it now has well over 6M SF in leased or owned property in the Bay Area.
Earlier this year, Facebook broke records by leasing the largest amount of office space in San Francisco’s history. It also is expanding its Menlo Park campus and has plans to build a mixed-use office and housing campus.
Check out Facebook’s latest large leases of the year below:
Burlingame Point
Address: 300 Airport Blvd., Burlingame
Size of Prospective Lease: Around 803K SF
Developer: Kylli (Genzon Property Group subsidiary)
Broker: Cushman Wakefield
Facebook is in talks to lease the entire Burlingame Point, which could potentially house its Oculus division, which focuses on virtual and augmented reality, the San Francisco Business Times reports. The campus is ideally located between Facebook’s Menlo Park campus and San Francisco, where it has a growing presence. If the deal is finalized, the tech giant is expected to occupy this space in 2020.
Park Tower at Transbay
Address: 200 Folsom St., San Francisco
Size of Lease: 755K SF
Developers: Metlife, John Buck Co. and Golub Co.
Broker: JLL
Facebook broke leasing records with its lease of Park Tower at Transbay and brought its San Francisco footprint to over 1M in just eight months. It previously leased all of 181 Fremont’s 436K SF of office space. The tech company is one of San Francisco’s largest tenants. Park Tower is expected to deliver at the end of the year.
Fremont
Address: 14 buildings in Ardenwood District of Fremont
Size of Lease: 750K SF
Developer: Peery Arrillaga
Facebook expanded east into Fremont within the last 12 months, leasing buildings that are 8 miles from its Menlo Park headquarters. The tech company is expected to occupy the space in the next six to nine months. Facebook previously leased 190K SF from The Sobrato Organization in December. The company now has about 1M SF of office space in Fremont.
Moffett Towers II
Address: 900 Fifth Ave. and 1180 and 1190 Discovery Way, Sunnyvale
Size of Lease: 1M SF
Developer: Jay Paul Co.
Broker: Newmark Knight Frank
Facebook’s lease of three of the five buildings at Moffett Towers II brought the project to full lease-up and marked the company’s largest lease of the year. Facebook could potentially move 5,000 to 6,000 employees into the campus, where Amazon has also leased 350K SF.
The Village at San Antonio Center
Address: 391 and 401 San Antonio Road, Mountain View
Size of Lease: 450K SF
Developers: Merlone Geier Partners, but leased through WeWork
Originally, Facebook was only going to take one of the two office buildings, or 225K SF of office, at the mixed-use office and residential campus, but ended up securing leases for both buildings through WeWork. The coworking company had secured a lease for its largest-ever office space in October from LinkedIn.
Related Topics: Cushman Wakefield, JLL, Newmark Grubb Knight Frank, Peery Arrillaga, MetLife, tech office, Facebook, San Francisco Office, Moffett Towers, Merlone Geier Partners, Moffett Towers Phase II, kylli, Facebook Inc, Burlingame Point, WeWork San Francisco, Tech tenants, Bay Area office investment, Facebook campus, Facebook expansion, Jay Paul Co., The John Buck Co., Golub Co.
Article source: https://www.bisnow.com/san-francisco/news/office/facebook-has-leased-over-3m-sf-of-bay-area-office-in-2018-and-its-only-august-91896