(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SAN FRANCISCO-A joint venture between TMG Partners and Rockwood Capital revealed that macys.com has signed a 242,573-square-foot lease at 680 Folsom St., a class A office building in San Francisco’s South of Market District near the Moscone Convention Center. The macys.com lease comes on the heels of a 167,788-square-foot lease at 680 Folsom St., as GlobeSt.com previously reported.
Macys.com, currently at multiple locations in San Francisco, including 685 Market St. and 22 Fourth St., will move into floors eight through 14 at 680 Folsom St. in January 2014 with a 15-year lease term. Daniel Cressman represented the tenant. Chris Roeder and Greg Walker of Jones Lang LaSalle represented the owners.
“I am thrilled that we have reached this milestone of more than one million square feet of office space leased by technology firms in just the first two months of 2012. We are moving forward and relentlessly focusing on job creation here in our city and reaffirming that San Francisco is the ‘Innovation Capital of the World,’” says Mayor Edwin M. Lee in a prepared statement. “With Macy’s long history in San Francisco, it is fitting that that their entire technology division is located right here in the heart of SoMa, taking advantage of the incredible talent in our city. I want to thank Kent Anderson, president of macys.com, for his leadership and commitment to San Francisco and acknowledge the hard work of the Macys.com team, TMG, JLL and Rockwood in getting this deal done.”
According to Kent Anderson, president of macys.com, “Our new offices at 680 Folsom St. will provide an outstanding environment for the continued growth of macys.com as one of fashion retailing’s largest, most dynamic and customer-centric e-commerce operations. Our company’s omnichannel approach to the customer sets us apart from other retailers, and we are assembling a talented team to continue to develop the business. 680 Folsom will accommodate our needs as we move to the next level of growth.”
According to Micvhael Covarrubias, chairman and CEO of TMG Partners, “Macy’s is a opportune tenant not only for this space, but to complement the increasing broad-based growth in San Francisco’s SoMa area. Leading this renewed vitality here in the City, we believe it not only indicates the strengthening of our local economy, but indicative of the positive trending in both the residential and commercial space within this submarket.”
Construction is underway on the 14-story mid-rise tower at 680 Folsom St. and adjacent three -story building at 50 Hawthorne St., which are being fully renovated to class A standards. The extensive $87 million renovation, supported by TMG and set for completion in late 2013, calls for 680 Folsom St.'s existing 1960's concrete exterior to be replaced with a clear glass curtain wall skin.
Pacific Bell owned and occupied the headquarters facility until 2007. In October 2010, as SoMa began to heat up again, TMG recapitalized the development with a new equity partner in Rockwood Capital.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
