Salesforce Snaps Up Neighboring San Francisco Site
Salesforce didn't have to look far for its latest property acquisition, but it may have had to look down.
In March, the software company acquired the five-story building 440-450 Mission St. across the street from Salesforce Tower, according to county property records.
The 73K SF building, which sits adjacent to Salesforce-owned 50 Fremont St., is occupied by a number of office tenants with retail at the ground floor. It had been owned by a limited partnership named Terminal-Plaza Associates registered to environmental law attorney Alexander Leff, according to state records.
Salesforce closed on the building, built in 1920, on March 17, the same day San Francisco and five other Bay Area counties implemented shelter-in-place orders still in place until at least May 3. Deal-making has slowed around the country since then as investors struggle to perform due diligence and assign values to assets.
The San Francisco Chronicle first reported the sale of 440-450 Mission St. for a price of $145M, which would make for a deal of nearly $2K per SF.
A Salesforce spokesperson confirmed the sale without specifying the price. Leff did not respond to a request for comment.