The stock market keeps adding fuel to San Francisco commercial real estate.
Analytics software company New Relic (NYSE:NEWR), which went public in December, just expanded its San Francisco office footprint by 56,000 square feet in the South Financial District’s 123 Mission St. tower. Some of the biggest leases in the city this year have gone to companies that just went public, like Lending Club and Fitbit.
By the end of this year, New Relic can move into its new space at 123 Mission, some of which used to house Salesforce (NYSE:CRM) before it started to grow at 350 Mission and 50 Fremont.
New Relic also has a 74,000-square-foot lease through the next five years a block away at 188 Spear St., where it calls its 10th-floor common space “ Nerdvana."
By next year, New Relic could expand the total 123 Mission lease to 75,00 square feet as floors become available, said Peter Hamann, corporate managing director at brokerage Savills Studley, who represented New Relic...S.F. office tower swaps Salesforce for New Relic
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