Columbia Property Trust has completed its plan to re-lease the 33-story, 478K SF building at 650 California in San Francisco following significant renovations and interior redesign. The building is now 96% leased with an average remaining lease term of 6.6 years. Ongoing lease negotiations have the potential to bring the building's occupancy to 100% in the next few months.
CPT has leased about 315K SF of the building since its 2014 acquisition. At the time of the purchase, the building was 88% leased with over a third of the leases set to expire within two years.
Recent leases include about 86K SF for financial tech company Affirm in a lease that was signed April 2017 and is expected to begin during the second quarter and a 60K SF lease with WeWork set to begin in July. These two leases rolled cash rents up by 172% on the leased space. The building has a mix of small to midsize tenants.
Renovations at the building include a new fitness center and conference center, the addition of collaborative workspaces, a new café and the addition of a luxury concierge service.
The leasing team at 650 California includes Cushman & Wakefield Executive Managing Directors J.D. Lumpkin and Zach Siegel and Senior Director Sam Wasserstein.
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