EMERYVILLE, Calif.--(BUSINESS WIRE)--Harvest Properties, a full service commercial real estate investment, development and management firm and partner Invesco Real Estate today announced that they have signed Yelp to a 102,324 square foot lease at 55 Hawthorne Street in San Francisco. The deal is Yelp’s first lease with Harvest and Invesco. Lease terms were undisclosed.
Yelp will occupy approximately 74% of the 11-story, 138,092 square foot office tower which was built in 1970 and features 17,000 square foot floor plates and a five-level, 348 stall parking garage. The company also negotiated the right to expand by another 34,000 square feet by 2018.
Harvest and Invesco acquired 55 Hawthorne Street in July of 2014. Concurrently, Invesco also acquired the adjacent property, 631 Howard Street. Together the buildings make up an office development known as Howard Hawthorne. Upon closing, Harvest positioned 55 Hawthorne in the leasing market to offer over 100,000 square feet of full floor space to attract many of the large tenant requirements in SOMA. In two and a half months, the Harvest team was able to stabilize 55 Hawthorne and successfully converted Howard Hawthorne into a fully leased project.
In accordance with its repositioning plan, Harvest Properties will transform the Yelp floors into modern, open-ceiling creative space and expand the building’s window-line. Other tenants at 55 Hawthorne Street include Dell and the Greater Bay Area Make-A-Wish Foundation.
"Yelp was founded in San Francisco 10 years ago, and we're committed to keeping our home base in the city and continuing to fuel the local economy with jobs and employee spending," said John Lieu, Head of Facilities at Yelp. "Our company has been fortunate enough to see continued growth, and we're excited to be opening an additional San Francisco office space at 55 Hawthorne Street, or '55' as we affectionately call it, located within walking distance of Yelp’s existing headquarters."
The Property is one block from the thriving Second Street Technology Corridor and just a few blocks from the largest U.S. development currently under construction, the massive Transbay Project that is dramatically changing the landscape of downtown San Francisco. This lease represents an expansion beyond Yelp’s current square footage at the New Montgomery Street location thereby increasing Yelp’s presence in this burgeoning neighborhood with tenancy at both buildings.
"We are thrilled to add such an impressive high growth company to our tenant base," said John Winther, Founder and Managing Partner of Harvest Properties, "Their significant expansion in the South Financial District is a testament to the strength of that dynamic sub-market."
Mark Geisreiter and Charlie Withers of CBRE represented Harvest and Invesco. Tim Kazul and Jon Wittemyer also of CBRE represented Yelp.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $61.5 billion of real estate investments, which includes $34.7 billion in direct real estate portfolios and $26.8 billion in real estate securities (as of June 30, 2014). With more than 380 employees in 20 offices worldwide, the group focuses on top down market and property type fundamentals combined with bottom up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance. Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.
Yelp Inc. (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across 29 countries. Yelp had a monthly average of approximately 138 million unique visitors in the second quarter of 2014*. By the end of the same quarter, Yelpers had written approximately 61 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Approximately 68 million unique visitors visited Yelp via their mobile device on a monthly average basis during the second quarter of 2014**.
* Source: "Users" as measured by Google Analytics
** Average monthly mobile unique visitors based on the number of unique visitors accessing Yelp via mobile web and unique devices accessing the app on a monthly average basis over a given three-month period.