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Gap Subleases Mission Bay Space

SAN FRANCISCO-Gap Inc. has put its Mission Bay space, currently under construction, on the sublease market. Catellus Development Corp., the developer, will not lose in the deal, as it collects rent on the space, occupied or not.

By Michelle Savage | Updated on December 23, 2001

SAN FRANCISCO-Last year, Gap Inc. leased a 283,000-sf building in Catellus Development Corp.’s Mission Bay Project. Gap’s Mission Bay space, which will be completed next year, was leased in addition to the 540,000-sf headquarters the company is building at 250 Embarcadero, which will also be completed next year.

However, the Gap’s earnings have been declining over the past two years and the company cannot afford to pay additional rent for space it may not need. So the clothing manufacturer has put the Mission Bay building on the sublease market.

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