This Week's San Francisco Deal Sheet
Glassdoor has opened its new global headquarters at 300 Mission St. in San Francisco, providing room for 300 employees, according to a press release from the company.
The move comes alongside an increase in hybrid work among its employees, under its Work Where You Want Policy. The company said in a press release that it expects 58% of its workforce will work remotely on a full-time basis and 42% will have a hybrid work model.
The firm announced its relocation from Mill Valley, California, to San Francisco in 2019, attributing it to feeling "a little isolated" outside of the city. The move is the opposite of recent trends. San Francisco office vacancies are nearing an all-time high as companies like PayPal and Okcoin shutter downtown offices, often reducing their overall office footprint and/or relocating into Silicon Valley or out of the region altogether.
SALES
Timberlane Partners purchased two hotels in Carmel-by-the-Sea, a small beach city in California’s Monterey Peninsula. Timberlane purchased the two hotels, The Hideaway and The Getaway, from Meriwether Co.
Henry Bose, Alex-Lee Bull and Elena Quach with CBRE Hotels in San Francisco represented Meriwether.
PEOPLE
The East Bay Asian Local Development Corp. has tapped Capri Roth to serve as executive vice president of real estate development in Oakland, according to Affordable Housing Finance. Roth previously served as a project and asset manager at Terrex Development Corp. Roth joined EBALDC in 2016.
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Swinerton has promoted Lauren Nunnally to senior vice president and chief administrative officer for the company, according to CoStar. Nunnally will be responsible for overseeing human resource operations, along with talent acquisition and corporate responsibility efforts for the company. Nunnally joined Swinerton in 2005.
LEASES
Nektar Therapeutics Inc. will sublease a portion of its just under 200K SF San Francisco office space, following nearly 500 job cuts, after failures with its cancer-focused clinical trials, according to the San Francisco Business Times.
CONSTRUCTION AND DEVELOPMENT
JS Sullivan has shed more light on its plans to develop a new 100-unit mixed-use community in the Tenderloin District in San Francisco. The project will utilize the city’s State Density Bonus program. RG-Architecture provided designs for the project.
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A mixed-use development in Dublin, California, that would hold 650 units is in the pipeline from SCS Development after reaching the environmental planning stage. Design for the property is being handled by Field Paoli Architects.
THIS AND THAT
Ven Capital Partners has purchased Eleven Software Inc., a cloud software company that focuses on the multifamily, hospitality and community WiFi segments. San Francisco-based Vista Point Advisors acted as financial adviser to Eleven Software on the transaction.
