SAN FRANCISCO SCOOP: Box Expanding... Are More Cities Next?
Box (above, its CEO Aaron Levie) is expanding its real estate footprint in S.F. and considering options for expansion in three other US cities. The cloud giant, headquartered in Los Altos, just boosted its presence in downtown S.F. by inking a 30k SF deal at 100 First in the Financial District. Box is also analyzing potential growth opportunities in Boulder, Raleigh, and Austin, Box general counsel Peter McGoff (and the head honcho of corporate real estate) just told us. However, Box remains committed to staying close to its home base and the "enormous technology engine" of the Bay Area, he says.
The rumor mill went wild this year, with market chatter saying Box was signing a monster lease at 222 2nd. (We were the first to report that it was in fact LinkedIn that took the entire building.) Box has sat in 19k SF at Kilroy's 100 First since 2012 on the 13th floor; now it's tacking on more than 11k SF on the 26th floor under the new long-term lease. CBRE repped the landlord, while Cornish & Carey's Ben Stern and Matt Winters repped them in the S.F. lease and are helping the company investigate opportunities in the three other US markets. Part of the evaluation is being able to recruit the right talent, since there are different skill sets in each city. The additional square footage in S.F. accommodates existing employees in the city and enables them to fit more employees into the Box space.
