ATLANTA & SAN FRANCISCO--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced a new 60,576-square-foot, 12-year lease with WeWork, one of the world’s largest providers of shared office space, to occupy floors four through seven at 650 California Street in San Francisco. Columbia has now completed four leases totaling 91,562 square feet at the property over the past nine months to take the iconic, 477,000-square-foot office building from 65% at the end of June to 81% leased today.
The 33-story building in the Financial District has been a landmark of the San Francisco skyline since its construction in 1964. Thanks to a major renovation and remodeling project that was completed in 2013, the building’s unique mid-century architecture is now paired with a clean, modern interior design and a luxury amenities program that has made 650 California appealing to a broad spectrum of office tenants.
In 2016, Columbia implemented a spec suite program to complement its other leasing efforts, building out small to medium-sized suites ready for immediate occupancy. The program has proven to be highly successful, with new or expanded renewal leases signed for several of these pre-built suites to date and strong interest in the additional suites available.
“When acquiring 650 California, we were particularly drawn to the opportunity to capture significant value related to near-term expirations of leases with under-market rents. We are now realizing that value, as we further build upon our impressive tenant roster,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “We are particularly pleased to expand on our relationship with WeWork, which we established last year in Washington, D.C., where they launched their first Navy Yard/Capitol Riverfront location at our 80 M Street property.”
Columbia also recently completed additional renovations at 650 California, including high-end upgrades of the main lobby and construction of a new café and tenant lounge to create a collaborative environment. A new luxury onsite concierge service is now available exclusively to tenants, along with state-of-the-art fitness and conference centers. The highly-amenitized tower continues to offer specialty transportation features as well, including onsite valet parking, secure bike parking, EV and Scoot-E-Bike® charging stations, and immediate Zipcar® access.
David Dowdney, senior vice president of the Western Region for Columbia, added, “At 650 California, we’ve succeeded in blending a great location with first-rate amenities, appealing aesthetics and modern spaces with the built-in flexibility to suit any tenant’s needs. The addition of WeWork serves as further validation of 650 California’s status as one of San Francisco’s pre-eminent business addresses.”
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings primarily in high-barrier-to-entry, primary markets. Our portfolio includes 16 office properties containing eight million square feet, concentrated in New York, San Francisco, and Washington, D.C. Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
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