Facebook signs full lease of Park Tower in San Francisco
MetLife Investment Management in partnership with The John Buck Co. and Golub & Co., announced that Facebook has signed a long-term lease for all of Park Tower at Transbay, one of San Francisco’s newest class A office buildings.
Construction of Park Tower will be completed by the end of this year. The 43-story, 764,700-square-foot building will comprise 755,900 square feet of LEED Gold office space that was designed to attract, retain and help develop San Francisco’s technology workforce.
The unemployment rate for the San Francisco metropolitan division (San Francisco and San Mateo counties) was 2.5 percent in February, well below the 3.1 percent reported one year ago with the market remaining at full employment, according to Cushman & Wakefield.
A total of 4.7 million square feet of office space was under construction at the end of the first quarter 2018 with 1.9 million square feet of new construction scheduled to deliver in the second quarter of 2018 including 181 Fremont Street (Facebook), 501–505 Brannan Street (Pinterest), 510 Townsend Street (Stripe), 100 Hooper Street (Adobe), and 1800 Owens (Dropbox); all are 100 percent pre-leased.
Active tenant requirements totaled 4.8 million square feet at quarter end, down 600,000 square feet since the first quarter of 2017. Large-block demand continues to outpace supply.
Although only a few property sales closed in the first quarter, there are currently more than 10 buildings ($1.5+ billion in total value) that are either on the market or in-contract — a significant increase compared to this time last year.
