SAN FRANCISCO-Companies from two of the most modern symbols today, caffeine and the Internet, have picked new headquarters offices here and near Los Angeles. Yelp Inc., an online firm that connects people with businesses, is moving to 140 New Montgomery St. here, and Monster Beverage Corp. has purchased a building in Corona, CA.
Yelp has signed to lease about 100,000 square feet in an eight year lease, with plans to move in during the fall of 2013. Stockbridge Capital Group and Wilson Meany own the 295,000-square-foot building, former the home of Pacific Telephone & Telegraph Co., and are working on a major renovation of the tower. Amenities will include a private sculpture garden, secure bike parking, shower and locker suite and ground-floor retail.
The building, which is next to the city’s Museum of Modern Art, has been empty since 2007. A condo conversion project in 2008 didn’t pan out.
Yelp was launched in 2004 just a few doors away from the building. Jeremy Stoppleman, CEO and co-founder of Yelp, said in a statement that he appreciates the easy access to public transportation, great restaurants and culture downtown. "In the early days it was important for our team to be located in the heart of San Francisco, not only to draw in great talent, but to understand how consumers in a dense urban environment would use our product to connect with great local businesses.
In a separate transaction, Monster purchased a 73,000-square-foot building at 2455 Anselmo Dr. in Corona, at the KPC Summit office park for its new headquarters. Formerly known as Hansen Natural Corp., the company is one of the area’s largest employers.
The KPC Group and the city have been collaborating to bring new businesses to the area. “Our goal in the city’s economic development office has been focus on the continued growth of home-grown companies and development of transportation-orientated developments throughout Coronoa’s evolving core,” said Darrell Talbert, city administrative services director, in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
