SAN FRANCISCO, Nov. 12, 2014 /PRNewswire/ -- Salesforce (NYSE: CRM), the Customer Success Platform and world's #1 CRM company, today announced an agreement to purchase 50 Fremont Street, a 41-story building located at the intersection of Fremont and Mission Streets in San Francisco's South of Market (SoMa) district. Salesforce is purchasing the property from financial services organization TIAA-CREF. In addition, the world's fastest growing top 10 software company and the City's largest tech employer announced it has already hired more than 1,100 employees in San Francisco in 2014.
Comments on the news
- "The purchase of 50 Fremont Street will allow us to expand our global headquarters in the heart of downtown San Francisco, strengthening our commitment to the City," said Burke Norton, EVP and chief legal officer, Salesforce. "Salesforce was founded in San Francisco 15 years ago and we have always prioritized growing and hiring in San Francisco and this additional space ensures that we can continue doing so for many years to come."
- "We began investing in San Francisco's South Financial District more than a decade ago with the purchase of 50 Fremont Street," said Lynette Pineda, senior director, head of capital markets - sales, TIAA-CREF Global Real Estate. "The asset has performed well, yet we are constantly reviewing our holdings and rebalancing the portfolio to best meet investment goals. We will remain active as buyers in the Bay Area and continue to seek office, retail and multifamily acquisitions."
Expanding Worldwide Headquarters in San Francisco
Salesforce currently leases more than 60 percent of the available space in the 50 Fremont building, and upon closing of the transaction, Salesforce will have the option to take on additional space in the building as it becomes available. 50 Fremont consists of a 41-story office building and two retail buildings totaling approximately 817,000 square feet as well as an adjacent plaza.
With existing space, the new office expansion at 50 Fremont, the recently announced Salesforce Tower above the planned Transbay Transit Center and the lease of 350 Mission, which is currently under construction, Salesforce's worldwide headquarters is projected to exceed two million square feet by 2017. Centered around the intersection of Mission and Fremont Streets, the urban campus offers convenient access to public transit, freeways and other key amenities along the Market Street corridor.
San Francisco's Largest Tech Employer Continues to Grow
Salesforce is committed to the city of San Francisco and continues to grow and hire locally. One of Fortune's Best Places to Work for the past six years and recognized by Forbes as the Most Innovative Company for the last four years, Salesforce today announced it has already hired more than 1,100 employees in San Francisco in 2014. As San Francisco's largest tech employer, Salesforce has more than 5,000 employees in the Bay Area and more than 15,000 employees worldwide.
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