Category: Bay Area Cities

Salesforce, San Francisco’s largest private employer, has stepped into a smaller pair of real estate shoes. The locally based software giant has shrunk its footprint by 45 percent to 900,000 square feet of offices in January, from 1.6 million square feet a year earlier, the San Francisco Business Times reported, citing a March regulatory filing with the Securities and Exchange Commission. The 700,000-square-foot decrease included 200,000 square feet of expired leases and 500,000 square feet marketed for lease or sublease. The reduction in offices comes during a shift to remote…

Bayhill Ventures debuted last November with eye-catching plans for a new residential skyscraper in San Francisco during a period where most significant projects are on hold across the region. Last month, Bayhill’s founder and CEO, Paul Paradis, sat down with YIMBY to discuss the ambitious plans for 530 Howard Street, his reason for starting a new firm, and his optimism for San Francisco’s next top-end office tower. At the core of our conversation were the firm’s three asset categories that Paradis is focused on: existing offices, housing entitlements, and securing…

The politically embattled TikTok may take up new offices in San Francisco leased by its competitor, Meta. The social media firm owned by Beijing-based Bytedance is in talks to sublease three floors of offices at 181 Fremont Street, in SoMa’s Transbay District, the San Francisco Chronicle reported, citing unidentified real estate sources. The deal isn’t inked, but talks continue. The 57-story tower has 435,000 square feet of mostly empty offices across 34 floors, topped by luxury condominiums.  Meta leased the offices after the $500 million building was completed in 2018,…

It took nearly a week to certify the results, but San Francisco voters have narrowly approved a ballot measure creating a new incentive aiming to spur conversions of empty office buildings to housing. The measure, known as Proposition C, exempts property from real estate transfer taxes, ranging from 0.5% to 6%, the first time a commercial property is sold for conversion to residential use. The exemption applies to projects that receive final approval before Jan. 1, 2030.