July 31st, 2008
San Francisco Office Update: Elastra takes 16,733 square feet at 75 Broadway
According to Costar, a web service that tracks tenant activity across the country, Elastra has inked a deal to take new space in San Francisco. The lease is for 40 months and 16,733 square feet. Elastra will be leaving 201 Spear Street and moving over to 75 Broadway, also known as the Golden Gate Commons.
In my opinion this is an interesting move for a San Francisco tech tenant in the sense that they are getting physically further away from the ballpark, which is ground zero today for internet based companies. Elastra is in the world of cloud computing, which is becoming increasingly popular as companies require more flexibility with their information, faster and less expensive scaling, and security fears diminish. I have no inside knowledge of this transaction, and I wonder if the move North was motivated by price, or possibly a need to start connecting with the types of companies that are traditionally located in the Financial District. 75 Broadway is a wonderful building, a great place to do business, and is located in a neighborhood I think very highly of. Perhaps the move is simply motivated by executives who want a pleasant place to go everyday?
On a side note, 201 Spear will be adding a tenant at the end of the year to even out the loss of Elastra. United Growth will be moving from 120 Howard onto the 11th floor and into 13,723 square feet.
If there is anything I can do to help you as a Tenant Representative in the commercial real estate world, please do not hesitate to get in touch with me.
Thanks for visiting,
Tom Poser, Jones Lang LaSalle, San Francisco
www.sanfranciscotenantrep.com
