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January 16, 2019
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PROPERTY MANAGEMENT NEWS
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Columbia Property Trust Brings Landmark San Francisco Tower to 96% Leased

4/24/18

Columbia Property Trust Inc has revitalized and re-leased 650 California Street, a 478k sf office building in San Francisco’s Financial District that it acquired in September 2014. The firm has signed leases totaling 315.7k sf since purchasing the property.

At the time of purchase, 650 California Street was 88% leased, with over a third of the leases scheduled to expire within two years. Since that time, the company has leased or renewed two-thirds of the space at the building and curated a diverse roster of high-quality, small to mid-sized tenants. The building now stands at 96% leased overall, with an average remaining lease term of 6.6 years.

Recent leases include an 86.2k sf lease with financial technology company Affirm, signed in April 2017 and scheduled to commence this quarter, and a new 60.6k sf lease with co-working giant WeWork that was signed in February of 2017 and commenced in July. Together, these two leases rolled cash rents up by 172% on the leased space. Recently, several smaller leases have brought 650 California to 96% leased, and other ongoing lease negotiations have the potential to drive the building’s occupancy to 100% within the next few months.

The 33-story tower has been a landmark of the San Francisco skyline since its construction in 1964 and recently earned the #2 spot on Architectural Digest’s list of the world’s most “Breathtaking Office Views.” Since acquisition, Columbia has completed a series of renovations to modernize the tower and drive tenant demand, including adding collaborative spaces and a new café to the main lobby, new state-of-the-art fitness and conference centers, and a luxury concierge service, exclusively for tenants.

“Shortly after acquisition, we began taking steps to reposition 650 California Street by upgrading the building’s lobby and amenities to complement its world-class views and off-set center core, which appeal to traditional and creative tenants alike,” said David Dowdney, senior vice president and head of leasing at Columbia.

Columbia has some experience with San Francisco office properties, have previously acquired 221 Main Street. At that building, Columbia leased 187k sf between April 2014 and March 2015 that took it from 83% to 94% leased. The company currently has a portfolio of 2 msf of office space in the Bay Area.

Cushman and Wakefield’s J.D. Lumpkin, Zach Siegel and Sam Wasserstein worked with Columbia in the leasing efforts for 650 California.





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