Co-working is coming to Related California's The Paramount apartments in San Francisco in a big way. The company announced this week that SPACES, a Netherlands-based co-working company, would lease 37k SF in the residential tower.
This is the first co-working space in any of Related's properties, including California, New York and Boston, the folks at Related tell us. It's also the first West Coast location for SPACES, which will occupy the ground level and second floor in The Paramount at 680 Mission St.
Adding co-working to the 420-foot residential tower, one of Related's first developments in San Francisco when it opened in 2001, brings a new vibrancy to the building for both residents and the community, says Related California chairman and CEO Bill Witte. It's likely that some of the tower's tenants will be part of the client base for SPACES, though the main driver for the decision is the proximity to SoMa, Related tells us.
The prime SoMa location (particularly near tech companies) was a key draw for SPACES, says Simon Moore, SPACES senior director. He says many of the company's global members need and want to be in San Francisco, and The Paramount is an ideal location for connecting with the greater tech and business communities.
SPACES' members have access to the company's large shared areas as well as private offices, unlimited access to 1GB WiFi and wired Internet and services ranging from dry cleaning to IT support to buying flower arrangements. All are offered with flexible contract terms. That's a conference room above from a SPACES location on Long Island.
Related was represented by Mark Geisreiter and Conor Famuleuer at CBRE, and SPACES was represented by Tom Poser of JLL. Related California has several San Francisco developments in the pipeline, including the mixed-use Transbay Block 8 and the 1500 Mission St mixed-use project.
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