Salesforce Buys 50 Fremont
Salesforce quietly bought the 817k SF Transbay District building last week, according to multiple real estate sources.
As anchor tenant in the 42-story tower, Salesforce had the option to purchase the building in 2017--or buy it first if TIAA-CREF decided to sell. Bisnow is still trying to track price. We do know that seller TIAA-CREF has been busy this year, having bought 55 Second and the Orrick Building and sold 275 Battery. TIAA-CREF's dispositions team declined to respond and property manager Hines had "no information" regarding the purchase.
50 Fremont is extremely significant to Salesforce, having been the catalyst that brought it downtown. A few years back, Salesforce was moving forward on creating a Mission Bay HQ when 500k SF in 50 Fremont popped up. The company quickly shifted its plan to create an urban campus, all within a short walk from 50 Fremont. Now it leases 502k SF inside, or 34 floors. Another floor (pictured) is used by Boston Properties and Hines to market Salesforce Tower, rising next door.