{"id":1004706106,"date":"2024-03-13T03:35:12","date_gmt":"2024-03-13T11:35:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004706106"},"modified":"2024-03-13T06:10:18","modified_gmt":"2024-03-13T14:10:18","slug":"silicon-valley-bank-relocates-san-francisco-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silicon-valley-bank-relocates-san-francisco-office\/","title":{"rendered":"Silicon Valley Bank Relocates San Francisco Office"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a18b7878124c&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004706107\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-bank-relocates-san-francisco-office\/sfofficemetathree\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Silicon Valley Bank&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Silicon Valley Bank today announced the opening of its new office in downtown San Francisco. The upgraded space, located at 222 2nd Street, features modern workspaces, as well as an event space and outdoor terrace for convening innovation economy clients and partners.&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;sfofficemetathree&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"sfofficemetathree\" data-image-description=\"&lt;p&gt;https:\/\/www.prnewswire.com\/news-releases\/silicon-valley-bank-moves-to-new-office-in-downtown-san-francisco-302086376.html&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Silicon Valley Bank&#8217;s new San Francisco office space at 222 2nd St. Image courtesy of Silicon Valley Bank&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg?w=800\" alt=\"\" class=\"wp-image-1004706107\" style=\"width:350px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/sfofficemetathree.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Silicon Valley Bank&#8217;s new San Francisco office space at 222 Second St. <em>Image courtesy of Silicon Valley Bank<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Silicon Valley Bank, <a href=\"https:\/\/www.commercialsearch.com\/news\/will-first-citizens-acquisition-of-svb-calm-fears\/\" target=\"_blank\" rel=\"noreferrer noopener\">a division of First Citizens Bank<\/a>, has opened its new downtown San Francisco office at 222 Second St. The financial services provider will occupy multiple floors of upgraded space in the building.<\/p>\n\n\n\n<p>According to CommercialEdge data, Tishman Speyer completed the full acquisition of 222 Second St. in 2017, paying $542 million for a remaining 80 percent interest in the asset. Built in 2015, the property totals 452,418 square feet.<\/p>\n\n\n\n<p>Amenities at 222 Second St. include 6,000 square feet of event space, an outdoor terrace and collaboration areas. The property is one block away from SVB\u2019s previous office space at 505 Howard St.<\/p>\n\n\n\n<p>LinkedIn also leases space at 222 Second St. Located on an approximately 0.6-acre lot, the 26-story office tower is LEED Platinum-certified.<\/p>\n\n\n\n<p>The high-rise is within walking distance of multiple dining, retail and entertainment options. Interstate 60, I-280 and Highway 101 offer easy access to the larger San Francisco and northern California areas. The San Francisco International Airport is less than 14 miles from the building. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-francisco-s-office-market-performance\">San Francisco\u2019s office market performance <\/h2>\n\n\n\n<p>As of January, San Francisco has had an <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-deals-slowest-among-gateway-markets\/\">extremely limited office sales activity<\/a>. The slow start to the year is on par with the deal volume seen throughout 2023, which lagged behind other major gateway metros.<\/p>\n\n\n\n<p>Along with the low transaction activity, the city&#8217;s office buildings continued to carry higher vacancy rates than the national average. In the first month of 2024, the office vacancy in San Francisco was 23.8 percent, while the U.S. rate stood at 17.8 percent, according to CommercialEdge data. However, the figure marked a decrease from the metro&#8217;s highest vacancy rate of 24.2 percent, recorded in November 2023.<\/p>\n\n\n\n<p>Earlier this month, Shorenstein Properties also <a href=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-lands-new-tenant-in-san-francisco\/\">landed a new tenant<\/a> at its downtown San Francisco office building at 45 Fremont St. A law firm signed a 19,137-square-foot lease agreement. The asset is less than a mile from SVB\u2019s new office.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tishman Speyer owns the downtown building. <\/p>\n","protected":false},"author":3006,"featured_media":1004706107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,1609,15],"tags":[33278,51705,33224],"class_list":["post-1004706106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-san-francisco","category-west","tag-first-citizens-bank","tag-silicon-valley-bank","tag-tishman-speyer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Silicon Valley Bank Relocates San Francisco Office - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"SVB&#039;s new downtown office space is one block away from its previous building. 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