Square Expands its Mid-Market HQ Office to One of the Biggest Office Leases in SF
Square Inc, a payments processing company, is having a great year with strong performance and has expanded their Mid-Market headquarters to add another 104,135 square feet, so that the tech company now occupies a total of 469,056 square feet in their San Francisco office at 1455 Market St.
The 1455 Market Street office building happens to have a total square footage of 1 million sq ft. It is a vast space and the lease with Square Inc is one of the largest deals for the building’s landlord, Hudson Pacific Properties. Hudson Pacific bought the building in 2010 for $93 million and remodeled it to attract tech tenants. The building features 100,000 sq ft floorplates and high ceilings on its lower floors. Commercial Real Estate brokerage Cushman & Wakefield handles the leasings for Hudson Pacific Properties.
Square first moved into 150,000 square feet in 1455 Market back in 2012 with plans to expand into 327,423 square feet over time, reported Biz Journals. The company was among a wave of tech companies that moved into the Mid-Market area during a revitalization of the neighborhood that is by the way still in the process. The neighborhood is on the rise.
Twitter co-founder Jack Dorsey started Square in 2009 with 10 employees. The company’s technology enables business owners to process credit card payments and makes a credit card reader for cell phones. The company reported revenue of $809 million in 2017 and now has about 2,300 employees in San Francisco, Canada, Japan, Australia, Ireland, and the United Kingdom.
The Square lease is one of the six largest leases tenants have signed in San Francisco this year. Here are the other 5:
Facebook signed the biggest single direct office lease ever in San Francisco when it took all 750,000 sq ft at Park Tower at 250 Howard
Kilroy Realty Corp. got 3 million-dollar deals with GM Cruise for 375,000 sq ft, Nektar Therapeutics for 136,000 sq ft and a renewal with Splunk Inc. (data-analysis company) for 100,850 sq ft.
The other big deal this year involved WeWork taking 251,000 sq ft at 430 California St.