This Week's Bay Area Deal Sheet

Visa will shed office space in downtown San Francisco, joining a litany of major companies to put office space on the crowded sublease market. The company’s move was not unexpected, as it announced in 2019 that it would move its headquarters from its present location at One Market Plaza to the Mission Rock Project, a new development near Oracle Park. 

Visa expects to put 190K SF of office on the market, but will occupy a 13-story 300K SF building at Mission Rock, growing the company’s footprint in San Francisco. Terms for the sublease were not disclosed. Mission Rock, a 28-acre site with the potential for 1.4M SF of commercial space, is being developed by Tishman Speyer and the San Francisco Giants.

PEOPLE

Joanne Verrips joined the Tutor Perini Building Corp. as vice president of pre-construction. Verrips has more than 17 years of experience in pre-construction and field operations. 

***

Suffolk hired Jim McLamb as general manager of their Northern California division as the company pledges to expansion on the West Coast.

LEASES

CBRE announced an open-air retail center in downtown San Mateo was fully leased for the first time in almost a decade. The brokerage firm inked deals with Nordstrom Rack, The Container Store, Chick-fil-A, Benihana and The Shane Co., among others in the past three years, to fill up the Bridgepointe Shopping Center. 

All told, Matt Kircher, Katie Singer, Meaghan Post and Annie Prupas, who represented the landlord, brokered 131K SF in that three-year period. The shopping center is located at 2280 Bridgepointe Parkway. 

CONSTRUCTION

Lendlease resumed construction on its 47-story condominium tower at 30 Van Ness St. in San Francisco. The project is called Hayes Point and is the only skyscraper in San Francisco to break ground during the pandemic. Construction was paused by the city in February due to concerns over the impacts to BART lines, but BART issued a supportive letter after the builder agreed to certain conditions intended to protect rail infrastructure. 

THIS AND THAT

San Jose approved an application from Stack Instructure to build to large data centers in North San Jose, totaling more than 500K.