A Fresh Take on CRE

SF Weekly Comp Digest: SponsorPay Signs New Lease, Bechtel Renews, and More!

Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.
   
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LinkedIn Signs New Lease in the North Financial District

The social networking site for professionals that we all know and love recently signed a new lease for nearly 40,000 SF of class B office space in the tower at 1 Montgomery Street.  LinkedIn agreed to pay rent starting in the mid-$50s with $1 PYR escalations for the 3-year, 8-month term.
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FitBit Signs for 55,000 SF at 405 Howard Street  
The company known for its wireless-enabled, wearable devices that measure activity data just signed a new lease for class A office space in the Orrick Building in the South Financial District.  FitBit agreed to pay rent starting in the mid-$50s PSF for the 6-year lease, and will enjoy a half year of free rent.  Click the link below to learn more from our friends at 42 Floors!
   
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Minted Signs Renewal/Expansion Lease at 747 Front Street

Minted, a San Fran-based online retailer that crowdsources design from independent artists and sells the designs as high-end paper goods, recently renewed it's original 11,000 SQFT office lease, and also expanded an extra 7,500 SQFT.  The company agreed to pay rent starting in the high-$30s with escalations of $1 PYR for the 5-year, 6-month lease term.  Click the link below to learn more about the building from 42 Floors!
   
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Sponsorpay Signs New Lease in Yerba Buena

The startup that created a comprehensive ad monetization platform recently signed a new lease for just shy of 2,000 SQFT of class B office space in the Humbolt Bank Building at 785 Market Street.  The company agreed to rent starting in the high-$30s PSF with $1 PYR escalations, and received some consessions, such as paint & carpet, for the 3-year lease term.
   
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Bechtel Renews at 50 Beale Street

The largest construction and engineering company in the US renewed for its nearly 150,000 SF office space in South Financial last month.  Bechtel agreed to pay landlord, The Rockefellor Group, rent starting in the low-$50s PSF with 3% escalations in exchange for the 7-year, full-service lease with an added $30 PSF in TIs.
   
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Mullen & Filippi Sign New Lease in NoFi

A leader in workers' compensation law signed a new lease for just North of 5,500 SQFT of class A office space at 255 California Street.  Landlord, Prudential Investors, agreed to accept rent starting in the low-$50s with escalations of 3% PYR in exchange for the 7-year lease, 1 month of free rent, and $65 PSF in TIs.