SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that two fast growing innovation companies have signed leases for creative office space at 799 Market. Both companies are scheduled to occupy their new offices in November.
Prism Skylabs, the global leader in visually understanding and optimizing offline commerce, has signed a five-year lease for 14,749 square feet and will occupy the entire top floor of the eight-story, 142,902-square-foot building. The new lease represents a significant expansion for Prism Skylabs, which is relocating from about 5,000 square feet at 580 Market St.
Akamai, the leading provider of cloud services for delivering, optimizing and securing online content and business applications, signed a long-term lease for approximately 29,000 square feet. The company's new San Francisco location will occupy the building's entire 17,223-square-foot sixth floor and 11,636 square feet on the fourth floor.
Situated on the northeastern corner of Market and Fourth streets in San Francisco, the property includes five floors of creative office space, featuring tall ceilings, large windows, abundant natural light, and open floor plans, atop 55,000 square feet of retail. Jamestown acquired the asset in October of 2012, as GlobeSt.com reported, and also owns a neighboring mixed-use property comprised of two buildings at 22 Fourth and 801 Market.
Jamestown is currently renovating the building's lobby, which will feature a unique bicycle-themed art installation in addition to other amenities, with completion expected later this year. 799 Market's location at the intersection of San Francisco's renowned Union Square shopping district and the booming South of Market technology office corridor is a magnet for young professionals, who are attracted to the area's amenity-rich urban environment and like-minded peers, according to Jamestown.
“Prism Skylabs' and Akamai's relocation to our urban campus at 4th and Market, comprised of 799 Market and 22 Fourth streets, aligns with the continued shift of technology companies migrating to downtown San Francisco,” says Jamestown COO Michael Phillips. “Our objective is to provide these high-performing companies with stimulating work environments that will accelerate innovation and draw talent.”
When Jamestown bought the building, Phillips said that one of the reasons for the interest in purchasing the property was because it was “well positioned to capture the growing demand from tenants attracted to the area's vibrant atmosphere.”
Prism Skylabs founder and CEO Steve Russell, said that the firm is attraction to the “great location and great tenants.”
Bill Cumbelich, principal, Daphne Spieker, vice president, and John Walsh, associate, at San Francisco-based brokerage CAC Group, represented Jamestown in the transactions. Elizabeth Hart of Cornish & Carey Commercial, Newmark Knight Frank handled the negotiations on behalf of Prism Skylabs and David Duble of Cushman & Wakefield represented Akamai.
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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.
