)
Gap Inc. kicked off 2023 by shedding some of its office space in San Francisco, as the company confirmed that it would market its 162K SF at 1 Harrison St.
Gap purchased the property for $45M in 1999.
The company filed an exploratory zoning verification letter in December with the city, inquiring what other uses the Harrison Street building could serve, according to the San Francisco Business Times, which first reported news of Gap listing the Harrison location.
The Harrison building is used as the headquarters for Gap’s Athleta brand, which sells women’s activewear. The company has not yet made clear its plans for the employees at this location, though Gap doubled down on its office space in the city last year, committing to a massive redesign at its main headquarters at 2 Folsom St.
Gap struggled, however, in the latter half of 2022, dismissing 500 employees in September and instituting a hiring freeze. The company’s stock price closed Tuesday at $11.33, a 37% drop from its $18.12 stock price this time last year.
A massive winter storm that devastated travel in the United States over the holiday, along with a still-looming recession, had retailers bracing for a rough holiday performance at the end of 2022, but the overall retail picture has improved slightly, with available retail real estate across the country reaching its lowest point since 2005, according to CBRE.
)
)
)
)
)
)
)
)
)
)
)
)