Mid-Market’s 6x6 Shopping Center Shifting To Mixed-Use With Office
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Mid-Market’s newest shopping center, 6X6, may soon offer about 47K SF of office. Developer Cypress Equities filed a preliminary application to lease floors three and four as office, the San Francisco Chronicle reports. 6x6 has been part of the revitalization of Mid-Market, which is adding more office, hotels and retail to the neighborhood.
If approved, the move would reduce the center's retail by 20% from 264K SF to 216K SF. The building’s basement and floors one, two and five will still hold retail and there will be two spaces of retail on the office floors.
With the retail industry struggling and several retailers facing bankruptcy, the center has had trouble finding retail tenants. Several large tenants have signed preliminary leases, but have not yet been finalized, according to Cypress Equities CEO Chris Maguire. An international fashion retailer could take up 36K SF on the basement level while an entertainment tenant would fill 25K SF on the top floor. A half-dozen retailers and restaurants also have signed letters of intent. Maguire said he expects the building will eventually attract stores, restaurants and entertainment venues.
New office space at 6x6 would likely garner rents close to $80/SF, according to CBRE Research Director Colin Yasukochi. The glass façade and natural light will be attractive to tech, while office tenants will increase foot traffic for retailers, he said.
The developer expects the office to attract companies with a tech and retail component similar to Westfield San Francisco Centre’s tenant Bespoke, which offers a co-working and event space for dozens of retail tech startups and brands.
Cushman & Wakefield remains focused on leasing up the retail on behalf of developer and also will be retained to lease up the office if the new plan is approved.