Mayor Lee Announces Linkedin Expanding in Downtown San Francisco
Professional Networking Site LinkedIn Signs Lease for 57,000 Square Feet Office in Financial District
1/11/12— Mayor Edwin M. Lee today announced that LinkedIn, the world’s largest professional network on the Internet, is expanding their offices in San Francisco. LinkedIn signed an approximately 57,000 square foot lease at the One Montgomery Tower in downtown San Francisco.
“LinkedIn’s major expansion in our City and continued growth of technology companies, startups and new jobs is another sign that San Francisco is now the Innovation Capital of the World,” said Mayor Lee. “As tech companies from around the country and around the world look to locate in San Francisco, in part due to the extraordinary pool of tech talent here, I will make sure that the City remains a place where the tech industry can grow and thrive.”
“LinkedIn is thrilled to be expanding our presence in San Francisco,” said LinkedIn Vice President of Talent Steve Cadigan. “As we continue to grow our customer base for our hiring and marketing solutions, this move allows us to be close to one of the area’s great sources of talent, as well as better serve our customers in San Francisco.”
This is the second major technology real estate deal announced in downtown San Francisco this year. With the recent 400,000 square feet salesforce.com lease and this LinkedIn lease, the commercial real estate market in San Francisco has shown continued signs of recovery. This increased interest in the Financial District is evidenced in year end real estate numbers recently released by the CAC Group. Their report shows that the Class A vacancy rate in the Financial District decreased by 35 percent in 2011 and is down to just 8.6 percent. In 2011, the City saw 9 million square feet of office of which 3.3 million square feet of office space (or 35 percent) was leased to technology companies.