The company will be relocating its headquarters from 142 10th St. The move puts it next to hotels and entertainment venues such as Metreon, Moscone Center, Yerba Buena Center for the Arts and San Francisco Shopping Center. The total lease consideration is said to be approximately $6.5 million, which equates to an average annual rate of $34 per sf.
Angus Scott and Jennifer Haeg of the CAC Group represented San Diego-based Westcore. Jeff Moeller and Dave Young of Cushman & Wakefield represented Bebo.
Bebo launched its website in July 2005 and now claims 24 million registered members, many of them in the UK, Ireland and New Zealand. The company received $15 million in first round financing in May, money it said it would use to expand its US operations, open a London office and develop the business in its other core markets.
Westcore acquired 183,445-sf Folsom property and 267,446-sf building at 760 Market St. from Mack-Cali in December 2006 for $126 million. At that time, 760 Market was 78% leased and 795 Folsom was 96% leased. The sale completed Mack-Cali's exit from its Western markets as it focuses on its core Northeast region.
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