Salesforce West Explained

Salesforce West
Location:50 Fremont Street
San Francisco, California
Coordinates:37.7905°N -122.3973°W
Pushpin Map:United States San Francisco Central#California#USA
Start Date:1983
Completion Date:1985
Building Type:Commercial offices
Roof:183m (600feet)
Floor Count:43
Elevator Count:21
Parking:220
Floor Area:817412square feet
Architect:Skidmore, Owings & Merrill
Structural Engineer:Skidmore, Owings & Merrill
Owner:Salesforce.com
Management:Cushman & Wakefield
References:[1]

Salesforce West, also known by its address 50 Fremont Center, is a 43-story, 183m (600feet) high-rise office building completed in 1985 at Fremont and Mission Streets on the boundary of the financial district and SoMa of San Francisco, California. The stepped-back facade design of the building resembles Eliel Saarinen's Tribune Tower design.[2]

History

50 Fremont Street was developed and owned by Fremont Properties who sold the building in 2000, which was later purchased by Hines Interests Limited Partnership, who in turn sold the property to TIAA-CREF in late 2004.[3] Hines provided property management for this building until February 12, 2015. The building's design, by Skidmore, Owings & Merrill, includes stepped-back vertical bays at each corner, rising to a building crown that evokes the design of historic Art Deco skyscrapers.[2]

In January 2012, Salesforce announced that it signed an 18-year lease to occupy for  million.[4] In November 2014, Salesforce agreed to purchase the tower from TIAA-CREF.[5] [6]

Salesforce completed its purchase of the building for $637.8 million from TIAA-CREF in 2015, according to public records. Salesforce rebranded the property as Salesforce West at 50 Fremont Street, part of their urban campus plan that includes Salesforce East at 350 Mission Street and Salesforce Tower at 415 Mission Street.

As of May 2023, during what the San Francisco Chronicle described as "Downtown San Francisco['s] worst office vacancy crisis on record," 50 Freemont Street had a vacancy rate of 89.9%.[7]

Tenants

See also

Notes and References

  1. Web site: Emporis building ID 118734 . https://web.archive.org/web/20200918130052/https://www.emporis.com/buildings/118734 . dead . September 18, 2020 . Emporis.
  2. Web site: Andrew Nelson. 2021-09-30. Number 13: Salesforce West at 50 Fremont Center, SoMa, San Francisco. 2021-10-02. San Francisco YIMBY. en-US.
  3. National Office Partners Limited Partnership Sells 12 Assets . February 2, 2005 . Hines . November 13, 2014 . https://web.archive.org/web/20101124023654/http://hines.com/press/releases/02-02-05.aspx . November 24, 2010 . dead . mdy-all .
  4. News: Salesforce signs huge downtown San Francisco lease . Patrick . Hoge . January 6, 2012 . San Francisco Business Times . November 13, 2014.
  5. Web site: Form 8-K . Securities and Exchange Commission . November 10, 2014 . November 13, 2014.
  6. News: Salesforce pays $640 million for 50 Fremont tower in San Francisco . Cory . Weinberg . November 12, 2014 . San Francisco Business Times . November 13, 2014.
  7. Web site: Li . Roland . Devulapalli . Sriharsha . 2023-05-08 . Downtown S.F. has 18.4 million square feet of empty office space. We mapped every vacancy . 2023-06-11 . San Francisco Chronicle . en-US.
  8. News: Patrick Hoge . Salesforce takes 80,000 square feet more . San Francisco Business Times . May 7, 2012 . 4 May 2013.