This Week's Bay Area Deal Sheet
KPMG is leaving its headquarters at 55 Second St. in September 2026.
The professional services firm will downsize into 96,300 SF at 505 Howard St., a 10-story office building known as Foundry Square III, the San Francisco Business Times reported.
KPMG occupies 143K SF at 55 Second St., also known as the KPMG Building, in a lease set to expire in September 2026.
KPMG didn't disclose additional details, according to the Business Times, but described its lease as long-term.
LEASES
Elf Beauty is doubling its real estate footprint in Oakland and moving into a new building. The cosmetics company inked a 27,800 SF lease at 601 12th St. downtown, according to the San Francisco Business Times.
The lease is the largest signed in the city in the second quarter, the Business Times reported.
Elf moved from 570 10th St., where it occupied roughly 12,800 SF.
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Tech firm Axiad has relocated from Santa Clara to a new 5K SF office in Metro Plaza at 101 Metro Drive in San Jose. The new building is near San Jose State University and Santa Clara University.
SALES
A San Ramon-based multifamily developer has purchased a 446K SF, 20-story office tower at 1950 Franklin St. for $14.4M, the Business Times reported. Kaiser Permanente was the seller.
Bisnow reached out to Behring to find out if the firm plans to convert the tower into a residential asset, as it did at 1900 Broadway, a 39-story luxury property, but the firm didn't respond.
News of the sale comes on the heels of the healthcare system’s decision to sell nearby 2000 Broadway for $26.5M.
DEVELOPMENT
A host of politicians and CRE professionals attended the reopening of the Transamerica Pyramid Center at 600 Montgomery St. in San Francisco Thursday.
Former California Speaker and San Francisco Mayor Willie Brown, Mayor London Breed, Norman Foster, mayoral candidate and City Supervisor Aaron Peskin and developer Michael Shvo lauded the $400M renovation of the iconic tower during an opening ceremony in the 5,500 SF Redwood grove.
Foster + Partners designed the tenant-only common spaces, a top-floor bar and restaurant, a lounge and communal workspace. The lobby is one of the spaces open to the public.
Cushman & Wakefield pegged the Financial District’s office vacancy at 33.4% in the second quarter.
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Los Gatos-based affordable housing developer Milestone Housing Group will host a grand opening of its new 76-unit project in Santa Rosa.
Financed by Housing Trust Silicon Valley, a nonprofit community loan fund, Del Corazon Apartments at 1885 Sebastopol Road includes one-, two- and three-bedroom units with decks or balconies.
