WeWork just signed a 12-year lease for 60,576 SF at Columbia Property Trust’s 650 California St. property in San Francisco. WeWork will occupy floors four through seven at its eighth San Francisco location.
Columbia has completed four leases for 91,562 SF over the last nine months at the 477k SF building. The 33-story building in the financial district is 81% leased as of Feb. 21.
“When acquiring 650 California, we were particularly drawn to the opportunity to capture significant value related to near-term expirations of leases with under-market rents,” Columbia Property Trust president and CEO Nelson Mills said. “We are now realizing that value, as we further build upon our impressive tenant roster.”
Columbia’s relationship with WeWork was established last year in Washington, DC, when the co-working company launched its first Navy Yard/Capital Riverfront location at Columbia’s 80 M St. asset, according to Mills.
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Columbia implemented a spec suite program in 2016 to complement its other leasing programs and built out small to midsized suites (such as above) ready for immediate occupancy. The developer has since signed new or expanded renewal leases for several of these pre-built suites. A major renovation and remodel was completed in 2013 that combined the building’s historic mid-century architecture with clean, modern interior design. Columbia bought the property in 2014.
Amenities in the tower include on-site concierge service exclusively for tenants, an upgraded main lobby, a café and tenant lounge, and fitness and conference centers. On-site valet parking, secure bike parking, EV and Scoot-E-Bike charging stations and immediate Zipcar access are also available.
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