The Swig Co. To Break Ground On SoMa Office Project In June
Want to get a jump-start on upcoming deals? Meet the major San Francisco players at one of our upcoming events!
One of San Francisco’s only office projects expected to deliver in 2020 will break ground in June. The Swig Co.’s office expansion at 633 Folsom will add about 100K SF and five stories to a structure built in 1966, the San Francisco Business Times reports. Following the addition, the building will have 270K SF.
A shortage of new office space could occur in the coming years with the city expected to hit its Prop M allocation limits, which will restrict new office development. Two other large projects are in the works in the SoMa area: the 750K SF Park Tower, which is expected to deliver later this year, and Oceanwide Center, which is expected to deliver 1.3M SF of office in 2021. Additional office development may not happen until the Central SoMa Plan is finalized sometime this year.
633 Folsom's longtime tenant, California Pacific Medical Center, will leave in April following its lease expiration, freeing up the building.
“It’s the right place at an ideal time,” The Swig Co. Executive Vice President and Director of Asset Management Deborah Boyer said in an emailed statement.
The project will include a renovation to the building’s facade, upgrades to building systems and two new elevators and a public plaza.
The Gensler-designed project will create a seamless integration with the new and existing building, according to Boyer. The exterior hoods on the windows will provide a design statement while also shading glare and conserving energy, Boyer said.
Boyer said she expects the renovated building to attract a broad range of tenants and may be particularly appealing to creative users seeking a place in SoMa. The additional office has already been allocated under Prop M.