In an historic and unparalleled commercial real estate transaction, Cushman & Wakefield’s San Francisco office announced today it advised Salesforce in the purchase of 50 Fremont Street. Salesforce, the world’s #1 CRM Company, is purchasing the asset from TIAA-CREF who acquired the building in 2005.
The 41-story, 817,000 square foot Class A office building is located adjacent to the under construction Transbay Terminal, in the heart of the City’s South of Market (SoMA) district, which is fast becoming the new heartbeat of San Francisco.
Cushman & Wakefield Vice Chairman Dan Harvey, whose team earlier this year represented Salesforce in the single largest office lease in San Francisco history with Salesforce Tower, said, “This is an unprecedented and monumental real estate transaction that confirms Salesforce’s commitment to San Francisco and will help maintain their position as an innovative company that can attract top talent.” 50 Fremont is located across the street from the new Transbay Terminal which is scheduled to be completed in 2017.
Also advising is Cushman & Wakefield Senior Director Grant Lammersen, who works for the firm’s Capital Markets Group in Northern California. According to Lammersen, “The location of this asset is about as close to ideal as you could possibly fathom and I was thrilled to be a part of the transaction.”
50 Fremont has undergone renovations in the last several years. In addition to lobby improvements, a redesign of the property’s 26,000-square-foot plaza and retail area was also completed. Improvements included new landscaping and seating areas for outdoor restaurants in the plaza, which connects First and Fremont streets.