Merrill Lynch Adds To San Francisco’s Sublease Availability
Another notable block of office space has hit San Francisco’s sublease market.
On the heels of a move by Slack to vacate approximately 209K SF, Merrill Lynch Wealth Management has put its 102K SF downtown office on the market. The company has occupied the space for more than two decades, according to the San Francisco Business Times.
Merrill Lynch will be relocating from its five floors at 101 California St. to Bank of America's space at 555 California St., the company confirmed to the SF Business Times. Bank of America occupies about 247K SF at 555 California in a deal that runs through 2035.
The announcement comes a day after software company Slack listed the entirety of its space at 45 Fremont St. for sublease, according to the SF Business Times. The firm, which moved into the 208K SF block in 2019, is expected to maintain its headquarters at 500 Howard St.
Last month, Autodesk confirmed it was shopping subletters to occupy its 117K SF office space at 300 Mission St. just eight months after moving in.
There was nearly 6.2M SF of sublease space available in the city at the end of 2021, according to JLL. While that marks a slight drop from prior quarters, that’s largely a result of leases expiring and becoming direct vacancies, JLL notes.
Salesforce, which acquired Slack last year, has also been shedding its office footprint since the onset of the pandemic. Beauty retailer Sephora took advantage of that availability last month when it inked a 286K SF sublease deal with the tech firm in what was the biggest new office lease in the city since 2019.
