September 19th, 2008
San Francisco Office Update: AKQA renews and expands on Townsend
According to Kristin Vanderluit of the Costar Group, AKQA has expanded and extended in their current location at 123 Townsend near the ballpark, taking a total of almost 50K square feet of office space. 123 is a wonderful building on an excellent street and the property is full of solid, class “A” tech-type companies.
The opportunity to take more office space occurred when Splunk moved over to the old Gallo building and took 34K square feet at 250 Brannan. 250 Brannan is another wonderful building that has been rehabbed, rebuilt, and is in the process of being refilled with tenants. The message is resonating here, tech companies, and those associated with them, are growing and expanding in the face of a U.S. economy sputtering along. We have previously reported on Xoom, Slide, Nokia, Symantec and others growing or recommitting to existing space South of Market.
I will be reporting on the financial markets turmoil soon with breakdown of spaces in San Francisco occupied by troubled New York companies, but rest assured these economic concerns have not yet crossed over to internet industries.
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AKQA Renews, Expands at Townsend Bldg.
AKQA, Inc., renewed a 28,061-square-foot lease and expanded into an additional 21,568-square-foot space at the Townsend Building in San Francisco. The ad agency signed the 49,629-square-foot lease with Manchester Capital Management.
The 138,735-square-foot office building at 123 Townsend St. was built in 1904 in the Rincon/South Beach submarket at received renovations in 2000.
Michael Brown and William Benton of Newmark Knight Frank represented Manchester Capital Management. Michael McGinn of Commercial Partners represented AKQA. The San Francisco-based firm’s decision to remain at its present headquarters demonstrates “AKQA’s commitment to San Francisco and its successful growth,” said McGinn.
Written by Kristin Vanderluit of the Costar Group
Outside link to Costar Story Here
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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
