WeWork Leases 60 KSF in the Heart of San Francisco

By IvyLee Rosario

650 California St.

San Francisco—Columbia Property Trust announced a new 12-year lease with WeWork at its office asset in San Francisco located at 650 California St. WeWork will occupy the fourth through seventh floors, totaling 60,576 square feet of space.

The LEED Gold, 33-story, 477,000-square-foot office building underwent major renovations in 2013, bringing together the property’s mid-century architecture with a modern interior design and luxury amenities. The renovations included high-end upgrades to the main lobby; construction of a new cafe and tenant lounge; a new luxury on-site concierge service; state-of-the-art fitness center; conference centers; onsite valet parking; secure bike parking; EV and Scoot-E-bike charging stations and immediate Zipcar access.

The company has now completed four leases totaling 91,562 square feet at the property over the past nine months, bringing the occupancy up from 65 to 81 percent.

“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. We are now realizing that value, as we further build upon our impressive tenant roster,” said Nelson Mills, president & CEO of Columbia Property Trust, in prepared remarks. “We are particularly pleased to expand on our relationship with WeWork, which we established last year in Washington, D.C., where they launched their first Navy Yard/Capitol Riverfront location at our 80 M Street property.”

Image courtesy of Yardi Matrix