NBC Sports Bay Area Renews San Francisco Lease

By Jeff Hamann

360 Third Street, San Francisco

Kilroy Realty Corp. has signed a five-year lease renewal with NBC Sports Bay Area. The lease encompasses 44,000 square feet of office space at Kilroy’s 360 Third St. in San Francisco. NBC Sports first moved its office to the address almost 10 years ago.

Located in San Francisco’s South of Market district, the seven-story building is located within one block of Interstate 80 and is accessible via approximately 20 different bus links. Current tenants include TripAdvisor, Wikia, Adobe Systems and Comcast SportsNet, according to Yardi Matrix.

The 430,000-square-foot property was built in 1976 as a call center for Pacific Bell. In late 2006, following Pacific Bell’s decision to close its offices at the location, the building sold for $58.5 million to investment firm JER Partners. After renovation work in 2007, the property remained largely empty. In 2011, JER provided a deed in lieu of foreclosure to Cerberus Capital Management, who then sold the property to Kilroy for $92 million, according to public records. Kilroy completed significant renovation work in 2013, signing tenants for most of the available space and earning the office building a LEED Gold certification.

“We’re thrilled that NBC Sports Bay Area has agreed to make 360 Third St. its home for another five years,” said John Osmond, senior vice president of asset management for Kilroy Realty, in prepared remarks. “Kilroy Realty invests heavily in creating environments that meet and exceed the needs of the world’s most innovative people and companies.”

Kilroy Realty has signed a number of large tenants over the past year in San Francisco, including a recent 15-year full-building creative office lease with Dropbox.

Image via Google Street View