Uber Speeds Up Market Street Expansion
Uber has just sealed a deal to take 173k SF in the heart of the city at 555 Market, the former Chevron HQ.
The ride sharing giant keeps speeding up its square footage domination plan while it waits for its Mission Bay HQ to deliver in two years. The company now leases more than 500k SF between three buildings on Market, the San Francisco Business Times reports. We wrote about the big city blocks up for grabs at 575-555 Market (at 555, Uber will take the majority of the 200k SF Omnicom left behind). According to a Q1 leasing report from Avison Young, the 21-story building's average starting rent is $59/SF for lower floors and $64/SF for floors 16 and up.
If you add in what Uber has pre-leased, its total SF in the city is now 920k SF. This year Uber also tacked on 40k SF one block away at 685 Market, which will take its tally up to 113k SF on six floors in the building it started leasing this year. The free magnums of Belvedere vodka at the 555 leasing event in December might've sealed the deal, as we hear CEO Travis Kalanick is a liquor aficionado. [SFBT]