NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) today announced that during the second quarter of 2019, it signed three leases, comprising over 262,000 square feet across nine floors at 300 Mission Street, a 24-story, LEED Platinum, Class A office tower located on the corner of Beale and Mission Streets in San Francisco.
Of the 262,000 square feet leased, 117,700 square feet was leased to Autodesk, Inc., 116,700 square feet was leased to Glassdoor, Inc., and 28,000 square feet was leased to Maplebear, Inc. The 262,000 square feet was leased at a weighted average initial rent of $92.70 per square foot and a weighted average lease term of 10.5 years.
“With the successful execution of these leases to three highly dynamic companies, we have now backfilled all of the upcoming vacancy that was expected in early 2020,” said Peter Brindley, Executive Vice President, Leasing. “We see these three leases as a powerful affirmation of our strategy and our status as a leading owner, operator, and manager of best-in-class office properties in the San Francisco CBD.”
“With Glassdoor consolidating their presence in the San Francisco CBD, we are excited to see them choose 300 Mission Street as their new headquarters,” said David Eaton, Senior Vice President, Leasing. “We are also excited to see Autodesk, a longstanding tenant at our iconic One Market Plaza property, choose to expand within our San Francisco, CBD portfolio. The decision by such high-quality tenants to relocate to or expand in 300 Mission Street is a direct testament to the quality and desirability of the property and its location.”
The Company also announced that with the completion of the relocation of the entrance from Beale Street to Mission Street as part of the lobby renovation, the Company has officially rebranded the property as 300 Mission Street.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, San Francisco and Washington, D.C. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.