Mayor Lee Announces Continued Growth To Central Market
Dolby Laboratories Joins Growing List of Technology Companies Relocating to Neighborhood & Proves Economic Strategy Working
6/26/12—Mayor Edwin M. Lee today announced Dolby Laboratories will be a new addition to the relocation boom happening in the Central Market neighborhood. The San Francisco-based company, best known for high-quality audio and imaging solutions, will be relocating its headquarters to 1275 Market Street. Dolby will fully occupy the 16-story, 354,000 square foot building, formerly the California State Compensation Insurance Fund’s San Francisco headquarters, which can accommodate nearly 1,000 employees.
“We are creating a new center for innovation, arts and culture in Central Market that is transforming an entire neighborhood,” said Mayor Lee. “Dolby’s move clearly demonstrates that our economic strategy to attract and retain companies is helping to create jobs, revitalize Market Street and spur more economic activity in the area.”
“For more than 36 years, San Francisco has been a great place for developing our innovations in cinema, home theater and portable entertainment,” said Dolby Laboratories President and Chief Executive Officer Kevin Yeaman. “Our new headquarters will allow us to grow and advance the entertainment experience.”
Not only is Dolby the eighth technology company to relocate to the Central Market joining Twitter, Zendesk, Yammer, One Kings Lane, CallSocket, Desmos and Zoosk, but there are more than ten new small businesses, four new residential developments, two hotel projects and ten new or expanded arts groups in the area since 2011.
The Office of Economic and Workforce Development (OEWD) has been working with Dolby for several years regarding their interest in finding a space that will support their growth in San Francisco. Dolby currently occupies multiple spaces including 100 Potrero Avenue in Potrero Hill, 475 Brannan Street and 999 Brannan Street in South of Market.
The 1275 Market Street building is not located within the boundaries of the Central Market Payroll Expense Tax Exclusion zone, demonstrating that the City’s overall efforts to revitalize the Central Market area are working. The Mayor’s Central Market Economic Strategy, launched in December 2011, pairs a new focus on safety and attention to activating public spaces through the arts with a range of programs and partnerships that will lead to a long-term transformation of the area.