Hudson Pacific Properties announced yesterday that it signed a new tenant for the Rincon Center II office tower in downtown San Francisco.
Rincon Center (Yardi Matrix)
Google took a 10-year lease on 166,460 square feet of office space that it will occupy starting March 2018. In expanding its urban campus through this move, Google will be backfilling two of Hudson’s leases that expire later this year: a 132,600-square-foot lease with AIG and a 22,000-square-foot lease with Dentons law firm.
HPP Chairman and CEO Victor Coleman is, understandably, excited: “Hudson Pacific Properties is pleased to further expand its relationship with Google and support the growth of its urban campus in downtown San Francisco.” Given that Google already occupies 305,729 square feet in two Silicon Valley Hudson Pacific buildings, it is HPP’s fifth-largest tenant, according to the San Francisco Business Times.
Rincon Center is close to three other downtown San Francisco Google office locations. The Mountain View-based company already occupies 386,000 square feet at the 345 Spear Street Hills Plaza tower, 250,000 square feet at the One Market Plaza – Spear Tower and 88,000 square feet at 188 The Embarcadero.
Also according to Coleman, “this deal exemplifies the continued strong demand from top-tier tenants for big blocks of space in the city.” The Rincon Center is a prime example of making such space available to the South Beach office market.
Originally built in 1940, it was a U.S.P.S. mail order and distribution center. In the late 1980’s, the building was made available for redevelopment. A partnership led by Perini Land & Development Company expanded and transformed the site into a mixed-use residential, retail and office property, by adding a 23-story building on the south side of the block that contains a new post office, commercial office space and 320 apartments. HPP also owns the historic Post Office lobby, which is a converted art-deco post office listed on the National Register of Historic Places.
Rincon Plaza (hudsonpacificproperties.com)