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2/12/25
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A two-building, 586.2k sf office complex in San Francisco’s Mission Bay neighborhood has been refinanced with a new loan for $500 mil. The property, located at 1655 and 1725 Third St, is owned by a joint venture between affiliates of Alexandria Real Estate Equities Inc, Uber Technologies Inc and the Golden State Warriors.
The Class A property serves as the global headquarters for Uber. The 11-story buildings are LEED Gold-certified and include a full-service, two-story café, barista-managed coffee bar, smoothie bar, event lounge, and landscaped roof decks with panoramic views of the San Francisco Bay. The properties are adjacent to a large fitness center, ground-floor restaurants and ample parking.
Brad Zampa and Mike Walker on CBRE’s Debt and Structured Finance team in San Francisco secured the five-year, fixed-rate CMBS/SASB non-recourse loan from Goldman Sachs and Barclays, both of which are headquartered in New York.
“The San Francisco office market is showing significantly stronger leasing fundamentals over the past few quarters and is experiencing a resurgence in investor activity. Our team is actively marketing multiple value-add and stabilized West Coast office assets and we’ve seen an increased amount of liquidity for both debt and equity in the office sector — particularly for high-quality, well-leased trophy assets such as the Uber headquarters,” said Zampa.
The San Francisco office market recovery has gained momentum, with some of San Francisco’s largest office leases signed in Mission Bay last year. In 2024, San Francisco office leasing activity was the highest since 2019 and increased by 20% compared to 2023, according to CBRE Research. Nearly half of office leasing activity in 2024 was driven by the tech industry, 21% of which was from artificial intelligence companies.
Investors returned in earnest to the San Francisco office market last year, with 23 office buildings sold in the Financial District. This is double the amount sold in 2022 and 2023 combined, when only 12 buildings sold.
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