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San Francisco's beleaguered office market scored a win as wealth management firm Iconiq Capital signed on to fill a sublease at 300 Mission St., taking over 88K SF in the 24-story Financial District building.
Iconiq subleased the space from Autodesk Inc., which earlier this year announced that it would give up the 117K SF it leased in 2019 as it trimmed office space usage worldwide. Paramount Group owns 300 Mission.
Serving tech billionaires such as Mark Zuckerberg and Jack Dorsey, Iconiq's growth exploded beginning in summer 2020 as a raft of IPOs led to billions in capital gains for early stage investors. At the end of first-quarter 2022, the company reported $89B in assets under management.
Iconiq will relocate from its current corporate headquarters at 394 Pacific St. into the 300 Mission St. location, as first reported by the San Francisco Business Times.
The company stated in a filing with the Securities and Exchange Commission earlier this month that it had, as of April 30 of this year, “executed a sublease for certain office space to a third party, classified as an operating lease, that has not yet commenced. The sublease has a remaining lease term of 9.5 years.”
Though office vacancies remain high in the Bay Area, subleases are on the rise, particularly in Silicon Valley, where data company Pure Storage recently solidified plans to take over 333K SF from Analog Devices, expanding its office footprint.
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