SAN FRANCISCO, Calif., April 24, 2019 – Cushman & Wakefield announced today that Knotel, a flexible workspace provider, has signed a new lease for 52,285 square feet of office space at 455 Market Street in San Francisco’s Financial District. The company will operate the 7th and 8th floors of the 23-story, Class A office and retail complex located in the heart of downtown San Francisco on the famous city thoroughfare, Market Street. Cushman & Wakefield’s John Walsh and David Duble represented the landlord in the transaction.
Walsh said, “We are very excited to have Knotel as a new tenant in the building.”
In a public statement, Amol Sarva, CEO of Knotel, commented, “San Francisco is our second largest market, so it’s unsurprising that we already have the most locations in town for flexible office. However, given the competitive office market and high cost of doing business, we will continue to expand aggressively to meet the demands of today’s modern tenants.”
A premier urban landmark, 455 Market’s location in the Financial District offers immediate access to the full range of San Francisco’s business activity. Restaurants, shops and other services, as well as public and private transportation facilities, are all within walking distance of the building. BART and MUNI are located one block from 455 Market’s main entrance. Golden Gate Transit, the Ferry Terminal to Marin and the Transbay Terminal with AC Transit to the East Bay and SamTrans to the Peninsula are only a few minutes away. In addition to the building’s underground parking garage, there are many public parking lots and garages within a few blocks. The building also boasts a new bike storage and shower/locker facility.
According to Cushman & Wakefield’s first quarter 2019 market report, San Francisco’s overall office vacancy reached a more than three-year low at just 5.8%, with Class A vacancy dropping further to just 5.9%. In the Financial District, overall vacancy was 7.1% for the first quarter. The report also revealed new office leasing activity in San Francisco totaled nearly 2.3 million square feet (msf) in the first quarter with nearly 830,000 sf of net growth. This follows the 8.9 msf of new leasing activity in 2018, marking the third highest year on record behind 2014 and 2000, resulting in over 4.8 msf of net growth.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.