SAN FRANCISCO, CALIFORNIA - It was just in October when audio giant Dolby Laboratories Inc. made its final move to 1275 Market Street. Now, reports claim that Airbnb Inc. is working its way to make South of Market's 999 Brannan its new home.
Dolby's former SoMa headquarters spans 150,000 square feet, which might just be perfect for Airbnb, who's said to looking for at least 100,000 square feet of space.
According to Curbed, the lease will give Airbnb a lot more property within the same vicinity, since they're currently located at 888 Brannan, just a block away from the prospective building (the two properties are separated by Highway 80).
The four-story building's glass façade, which smoothly wraps around its curving triangular frame, allows natural light to breathe into the Leddy Maytum Stacy Architects-designed structure (photo).
As it turns out, the yet-to-be-closed deal suggests something greater about the U.S. economy and real estate industry. According to the San Francisco Business Times:
"The pending deal is another affirmation that even as companies put up large blocks of sublease space on the market, suggesting a slowdown, other growing businesses are quickly snapping them up. Strong market activity, particularly from tech companies, has propelled San Francisco to become the most expensive office market in the country."
Back 1998, Dolby bought 999 Brannan for $18.2 million from Shako Real Estate Management Inc. 999 Brannan is located in the corner of Potrero and Showplace Square, in San Francisco's South of Market.
The building currently has 136 parking spaces on its rooftop, which will allow Airbnb - if they decide to make the move - to put up signage for thousands of cars to see on the 101/80 freeway; perfect for advertising!
Although the asking rent in the building wasn't disclosed, South of Market's average office rent has exceeded $70 per square foot; so it won't be so surprising if Dolby leases it to Airbnb for more.