Amidst a struggling commercial real estate market, Mission Rock has proven a bright spot for San Francisco. Phase one of construction is wrapping up now in Mission Bay, which Tishman Speyer credited to Visa’s decision to move their global headquarters into Building G, and the team announced five new retail tenants secured last month. Now, the podium office space in The Canyon has been leased to Capgemini America, the US arm of the France-based global technology company.
In a quote shared with YIMBY, Tishman Speyer’s Managing Director Maggie Kadin told us, “We’re thrilled to welcome Capgemini to Mission Rock. Our vision for Mission Rock is now quickly coming to life as we are joined by cutting-edge companies, residents, and retailers that embody our commitment to sustainability, collaboration, and community.”
The Canyon Mission Rock podium view, image by Andrew Campbell Nelson
The new lease was first reported by Laura Waxmann for the San Francisco Chronicle. Waxmann writes that the firm will move into the third floor of The Canyon starting in April next year, though the project team could not confirm the move-in date with YIMBY. Once established, the company will occupy approximately 30,000 square feet of the nearly 50,000 square feet available in the Canyon, according to the project plans.
Speaking about Capgemini, the San Francisco Giants President and CEO, Larry Baer, said, “we have great respect for their company and we look forward to partnering with them to build San Francisco’s newest neighborhood that will serve as a launchpad for opportunity.”
Mission Rock aerial view, image via Mission Rock Partners
The move comes as part of a global trend of large companies downsizing in commercial real estate. While Capgemini is taking on 30,000 square feet in Mission Rock, Waxmann writes that the firm will leave its current offices in San Francisco at 425 Brannan Street, 640 Bryant Street, and 1130 Howard Street. In San Jose, PwC and UBS recently moved from Downtown San Jose to the more suburban-oriented Santana Row neighborhood.
Mission Rock is a massive redevelopment of the Giants’ surface parking lot spearheaded by the baseball team and Tishman Speyer. At full build-out, the project will include roughly 1,200 housing rental units with 40% affordable, 1.4 million square feet of offices, 200,000 square feet of retail, and eight acres of new public parks and open space. In early August, the development team announced that five new retail spaces had been secured, including two restaurants, a bakery, an outdoor gym, and a barbershop.
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I’m excited for Mission Rock, but frankly if I was an employee I’m not sure how excited I’d be to work there. It will be beautiful and modern, but in terms of access it’s much worse than downtown. Public transport is worse and I’m guessing parking will be worse, too? There’s also not as much to do nearby (happy hour, restaurants, shopping etc).
The N needs a line to extend past the Market St. Safeway, under duboce / division through to mission bay.
Mission Rock is literally located next to the 4th and King Caltrain station. If you’re taking BART, you can transfer to the T Third or any one of the numerous bus lines serving the region.
@Panhandle I’m not sure why everyone says this about Mission Bay, I lived there for a few years and loved it. Great restaurants on 4th St, Gus’s and Safeway very close, walking distance to Caltrain, extensive Muni stops, significantly cleaner and safer than downtown…I mean what is this neighborhood being compared to?
It is a great area although on Game Days it can be a mess. I used to work in Mission Bay and there are days which I would walk to the Ferry Building to get home when the Games were interfering with the commute.