SAN FRANCISCO — Cloud computing giant salesforce.com has entered into a lease agreement for 714,000 square feet at the new Salesforce Tower, a 1.4 million-square-foot office building under construction in San Francisco. The 61-story tower is located at 415 Mission St. in the South Financial District and will be the hub of salesforce.com’s urban campus.
According to the project’s developer, Boston Properties Inc., a Boston-based real estate investment trust, salesforce.com’s lease is the largest office lease in San Francisco’s history. Boston Properties and its co-development partner, Hines, expect to complete the building in early 2017 for a projected total cost of roughly $1.1 billion.
“Salesforce Tower represents an incredible milestone in our company’s history —it will be the heart of our global headquarters in San Francisco,” says Marc Benioff, chairman and CEO of salesforce.com. “We founded salesforce.com in San Francisco 15 years ago, and this expansion of our urban campus represents our commitment to growing in the city.”
The tech company, best known for its customer relationship management (CRM) software, will occupy floors 1, 3-30 and 61 in the building, which was formerly known as Transbay Tower.
The office tower is pre-certified LEED Platinum and will feature 100 percent outside air coming into each floor; 10-foot floor-to-ceiling glass allowing maximum natural light; 13-foot, 9-inch ceilings; and column-free interior floor plans. According to Boston Properties and Hines, Salesforce Tower will be the tallest office building west of Chicago and will be topped off with a glass and steel crown.
“We are pleased to partner with salesforce.com on this iconic tower. At 61 stories and 1,070 feet tall, with an outstanding design, it will have a transformative impact on the San Francisco skyline,” says Mortimer Zuckerman, executive chairman of Boston Properties. “Salesforce Tower is a reflection of our mutual confidence in the city of San Francisco and the South Financial submarket as a home to successful companies that seek to employ today’s highly educated and highly motivated worker. Salesforce.com’s commitment further demonstrates the desirability of high-quality, well-designed first-class office space to today’s premier technology companies.”
Boston Properties is a self-managed REIT that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, three residential properties and four retail properties. Boston Properties focuses on developing and owning Class A office properties concentrated in four markets — Boston, New York, San Francisco and Washington, D.C.
The stock price of Boston Properties closed Friday at $115.35 per share, up from trading at $108.16 per share at this time last year.
Salesforce.com Inc.’s stock price closed Friday at $52.87 per share, up from trading at $41.30 per share at this time last year.
— John Nelson