{"id":1004563950,"date":"2022-01-18T03:57:55","date_gmt":"2022-01-18T11:57:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004563950"},"modified":"2022-12-09T02:46:39","modified_gmt":"2022-12-09T10:46:39","slug":"salesforce-subleases-286-ksf-to-sephora","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/salesforce-subleases-286-ksf-to-sephora\/","title":{"rendered":"Salesforce Subleases 286 KSF to Sephora"},"content":{"rendered":"
\"350<\/a>

350 Mission St. Image via Google Street View<\/p><\/div>\n

Salesforce has subleased 286,000 square feet at 350 Mission St., in San Francisco\u2019s Transbay area, to Sephora, which will use the space as its new U.S. headquarters, the San Francisco Chronicle<\/em> reported.<\/p>\n

The deal qualifies as the city\u2019s largest office lease since November 2019, or during the pandemic, according to the Chronicle<\/em>. The Paris-based personal care and beauty products retailer will be occupying 16 floors in the 30-story building.<\/p>\n

\n

READ ALSO<\/strong>: Why REITs Outperformed in 2021: Nareit<\/a><\/p>\n

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In a prepared statement, Jeff Gaul, senior vice president of store development for Sephora, called 350 Mission \u201cthoughtfully designed\u201d and added, \u201cthis move consolidates the number of buildings our corporate employees work in and supports our hybrid in-person and remote work practices\u2026.\u201d<\/p>\n

Sephora reportedly will move into the space at 350 Mission in 2023, consolidating its current spaces at 425 Market St. and 525 Market St.<\/p>\n

Also known as Salesforce East, 350 Mission is owned by Kilroy Realty Corp.<\/p>\n

Salesforce had occupied all 30 floors in the building, till it put about half of its space up for sublease last year, citing a reduced need for space because of remote work\u2014and despite the company thriving. It has about 10,000 employees in San Francisco.<\/p>\n

The software company\u2019s highest-profile home in San Francisco is the eponymous Salesforce Tower, a 1 million-square-foot structure (the city\u2019s tallest) at 415 Mission St.<\/p>\n

But Salesforce also owns space in San Francisco, and in May, it landed an advisory firm as a full-floor tenant<\/a> at 50 Fremont St., which Salesforce bought from TIAA-CREF in 2015.<\/p>\n

Active subleasing<\/h2>\n

Other Bay Area employers besides Salesforce are experimenting with various approaches mixing on-site, hybrid and remote work, according to a fourth-quarter report from Kidder Mathews.<\/p>\n

Interestingly, subleasing comprised nearly 2 million square feet in 2021, or slightly more than one-third of all office leasing. The report notes: \u201cThe high demand for subleases is due to the uncertainty the new COVID-19 variants create for employers and the desire to keep terms short.\u201d<\/p>\n

Overall, the office market continues to recover, as leasing is on the rise, even as total vacancy is also increasing. As in other markets nationally, vacancy in Class B and C building is substantially higher than in Class A space, which is 17 percent, Kidder Mathews reported.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal marks San Francisco\u2019s biggest office lease of the pandemic.<\/p>\n","protected":false},"author":882,"featured_media":1004563958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,22251,21742,21747,1609,15],"tags":[33612,33134,33611,33110,35192],"class_list":["post-1004563950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-in-focus","category-latest","category-office","category-san-francisco","category-west","tag-kidder-mathews","tag-kilroy-realty-corporation","tag-salesforce","tag-salesforce-tower","tag-sephora"],"acf":[],"yoast_head":"\nSalesforce Subleases 286 KSF to Sephora - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Salesforce has subleased 286,000 square feet at 350 Mission St., in San Francisco\u2019s Transbay area, to Sephora, which will use the space as its new U.S. headquarters.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/salesforce-subleases-286-ksf-to-sephora\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salesforce Subleases 286 KSF to Sephora\" \/>\n<meta property=\"og:description\" content=\"Salesforce has subleased 286,000 square feet at 350 Mission St., in San Francisco\u2019s Transbay area, to Sephora, which will use the space as its new U.S. headquarters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/salesforce-subleases-286-ksf-to-sephora\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-18T11:57:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:46:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/350-Mission-St.-featured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"804\" \/>\n\t<meta property=\"og:image:height\" content=\"598\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/salesforce-subleases-286-ksf-to-sephora\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/salesforce-subleases-286-ksf-to-sephora\/\",\"name\":\"Salesforce Subleases 286 KSF to Sephora - 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