SAN FRANCISCO—The North Financial District continues to attract a steady stream of tech and traditional tenants because of its proximity to retail and business amenities as well as transportation options. Within the submarket, well-located buildings have been renovated and repositioned to appeal to today's tenants.
One such building is class-A 450 Sansome, which is 100% occupied. With a new owner and leasing team in place, 450 Sansome is set for its next phase as a corporate location. The 133,000-square-foot, 16-story building underwent a major facelift in the last few years, creating an updated design within a 1960s-era building shell. Current tenants include Umpqua Bank, ABD Insurance, Worldpay US, Axis RE and SillaJen Therapeutics. 450 Sansome's location is near more than 30 boutique shops and nearly a dozen restaurants at Embarcadero Center. The ground floor of 450 Sansome also features a Peet's Coffee & Tea and Umpqua Bank's flagship San Francisco retail branch.
Though currently fully occupied, leases expiring by the end of the year could potentially result in approximately 10,400 square feet becoming available and 24,000 square feet in the next 12 months. The leasing team of JLL's Wes Powell and Tom Doupe are spearheading marketing efforts.
Powell tells GlobeSt.com: “With less than 350,000 square feet of new construction underway and vacancy under 8%, good efficient space with abundant natural light and access to amenities is very much the premium in the North Financial District today. 450 Sansome has enjoyed a very strong position in this market and we expect the upcoming availability of space to be taken up very quickly.”
450 Sansome's location gives tenants convenient access to multiple public transportation options as well as parking. The building has a newly renovated ground floor exterior and interiors, spectacular upper floor views and column-free side-core floorplates.
As previously reported, San Francisco ranks in the top percentile in a survey of office markets.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
