Six Reasons To Get Excited About SoMa

Tech titans like Dropbox, LinkedIn and Salesforce have been on a feeding frenzy when it comes to eating up big chunks of SoMa space. (For some, Shark Week is year round.) That's why we're pumped to host our SoMa's Next Phase event at Hotel Nikko on July 22, starting at 730am. Here's what you need to know.

1. Vacancy Near Zero

Among our panelists will be Kilroy EVP of NorCal Mike Sanford, who tells us the SoMa market remains very strong with Class-A vacancy near zero. Kilroy's S.F. portfolio is 99% leased, so "we are right in line with the market." The biggest issue, he says, is supply: "I wish we had more projects to lease in SoMa!"

2. Dropbox Poised To Occupy Soon

Mike also tells us Kilroy's project at 333 Brannan (pictured) will be substantially complete in the next 30 days. One big perk of the LEED Platinum project: a sizable rooftop deck. Dropbox made a big splash in the market last February when it inked the deal to take the whole 180k SF building. Days later, it tacked on an additional 100k SF next door by taking all of 345 Brannan, being developed by Breevast.

3. Healthy Competition

Another panelist will be Breevast US CEO Terry Crowley, who will tell us more about 345 (above). The Dropbox deal showed dueling developers could jump into bed together for their mutual benefit. Dropbox acted fast in the tech-heavy SoMa market and beat out Pinterest for 333. The buildings will stand about a foot apart and be connected by bridges.

4. LinkedIn Quickly Readying Space

Last year Bisnow was first to report about the gigantic LinkedIn lease that engulfed all of Tishman's 26-story building at 222 2nd. Now we're excited to hear what finishing touches the company is putting in the 452k SF property from LinkedIn VP, workplace James Morgensen, who's a panelist. In classic tech form, LinkedIn says no to cubes and offices and yes to floor-to-ceiling windows, benching systems and clear conference rooms.

5. Salesforce Tower

Another panelist will be Boston Properties senior project manager Michael Tymoff, who will tell us more about the 61-story tower rising at First and Mission, where Salesforce famously inked the biggest lease in S.F. history—714k SF—last year. Now, with the other half of Boston and Hines' skyscraper still left to lease, all eyes are on what tenant—or tenants—will call the tallest building West of the Mississippi home. (There's "great activity but no new deals yet," Hines senior managing director Paul Paradis just told us in an email.)

6. Bidding Wars 

Also on tap to speak: Hudson Pacific SVP NorCal Drew Gordon, here on a previous Bisnow panel at GitHub's HQ building it owns at 275 Brannan. Competition to own in S.F. continues to be steep; Hudson was up against 26 other bidders at 275. Being aggressive is key, and they plunked down a nonrefundable offer. He also counts Uber and Square as tenants in the city, and we've got Square global facilities manager Maja Henderson on the panel to tell us about the company's real estate strategy. The SoMa's Next Phase event kicks off at 7:30am at Hotel Nikko on July 22. Register now!

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC

Brandywine Plans To Sell $200M Worth Of Properties In 2027

Pennsylvania Reveals Draft Map Of Areas To Benefit From Opportunity Zones 2.0

Cresa Taps Nathan Knowles As Atlanta Market Leader

Developer Of $3.8B Atlanta Project Discloses $19M Accounting Error

Inter Miami Stadium Subcontractors Sue Over Millions In Unpaid Work

Meet The Women Pushing Boundaries In UK Development

Elecor, Formerly Paramount Group, Gains New Muscle With Rithm In Its Corner

Despite Foreclosure Litigation, Kaufman Astoria Studios Is Bouncing Back

High Street Residential, Barings Break Ground On 501 Apartment Units In Redwood City

How Flash Is Turning Parking Into A Performance Asset For CRE Owners

California Governor Candidates See Different Solutions To State's Housing Troubles