Very Positive Office News for San Francisco!
Two positive news releases just out regarding the San Francisco office market…the Transamerica Pyramid, which has gone through the first phase of a $250 million dollar renovation, just signed a 123,000 square foot long-term lease with the law firm Morgan Lewis & Bockus LLP. This landmark office building is asking $300 per annual square foot for top-floor space, the third-highest office rent in the United States. Another good news release is Related Cos. may be planning a new 340,000 square foot office building along with a 200-room five-star hotel across from the Transamerica Pyramid. Major corporations are gravitating towards the premier office product across the country, and willing to pay top dollar for prestige and bells & whistles to entice their employees back to the office. The timetable is to break ground by 2027 and be completed by 2030. Remember the old days where there were so many office developers wanting to put up new product there was an annual beauty contest and square footage cap limit in San Francisco?
