The City of San Francisco is more than doubling its presence at 1455 Market St., an office tower once home to Uber. The San Francisco Chronicle reported that the municipal government will add 502,000 square feet at the property, bringing its total presence to roughly 930,000 square feet and representing the largest lease in the city since 2018.
As part of the transaction with property owner Hudson Pacific Properties, the Chronicle reported that rather than an increase according to a previously negotiated schedule, the city’s rent for its expanded space in the tower will reset to $40 per square foot. That values the entire lease at more than $1 billion over its life.
The deal means 1455 Market will become the area’s new central hub for government operations. It involves relocating the San Francisco Municipal Transportation Agency, the Human Services Agency and other departments currently housed in city-owned space nearby.
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