Visa will lease a 13-story, 300K SF office building at the San Francisco Giants' long-awaited Mission Rock project in a major regional expansion for the longtime Bay Area payments company.
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Slated for groundbreaking next year along with the rest of Mission Rock, Visa's new home in the Tishman Speyer-led project will hold 1,500 employees when it is expected to open in 2024.
Meanwhile, Visa, which has current S.F. offices at One Market Plaza, will begin a comprehensive renovation of its Foster City campus for its product and technology teams in the second part of its renewed commitment to the Bay Area. The company's Foster City campus will hold about 3,000 Visa employees, it said.
“For over 60 years, Visa’s roots have been in the Bay Area, and we want to reinvest in San Francisco and Foster City to better support our talented team of employees and growing business needs,” Visa CEO and Chairman Al Kelly said in a statement.
Tishman Speyer received the nod last year from the Giants to develop the baseball franchise's long-awaited megaproject, located on land owned by the Port of San Francisco and directly across McCovey Cove from the team's home ballpark.
Full completion of the three-phase project will include up to 1.4M SF of office space, 200K SF of retail and manufacturing space and about 1,200 residential units, 40% of which will be affordable.
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Phase 1 alone will include two residential buildings totaling 540 units, two commercial buildings totaling 550K SF, a 5-acre China Basin Park and 85K SF of retail and restaurant space, all expected to open in 2023.
Opening shortly thereafter, Visa's new HQ, designed by architect Henning Larsen, will have a rooftop deck and terraces and ground-floor retail.
Like its new global HQ, Visa's Foster City renovation will wrap up in 2024. Employees based in the company's small Palo Alto office will relocate to its revamped Foster City location, Visa said.
As the first commercial tenant to sign on at Mission Rock, a project more than a decade in the making, Visa represents a major win for the Giants, Tishman Speyer and the Port of San Francisco.
“Visa’s early decision to establish its headquarters at Mission Rock demonstrates the company’s strong ties to San Francisco," Tishman Speyer President and CEO Rob Speyer said in a statement. "It also reinforces our expectation that this will be the nation’s next great community with international appeal as an unsurpassed place to live, work and visit."
