May 22nd, 2012, 01:18 AM
In Search of Sanity
Join Date: Jul 2010
Location: San Francisco/Tucson
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Twitter HQ: Creative Re-Use
Twitter HQ site: Details revealed
San Francisco Business Times by Patrick Hoge, Reporter
Date: Thursday, May 10, 2012, 5:47pm PDT - Last Modified: Friday, May 11, 2012, 6:01am PDT
Reporter- San Francisco Business Times
It turns out that all the hyperbole about the Twitter effect on the Mid-Market district was, if anything, understated.
Shorenstein Properties Chairman Douglas Shorenstein took Mayor Ed Lee and reporters today through the new Twitter headquarters at 1355 Market St. and it was amazing how quickly that building is filling up just since Twitter signed its lease in April 2011. Twitter's commitment came shortly after the city approved a temporary exemption of its 1.5 percent payroll tax on new hires at companies locating in the long economically struggling neighborhood.
Already more than 400,000 square feet of space has been leased, and Shorenstein said that the company is in serious negotiations on most of the 11-story building's remaining space. Most notably for Twitter employees, this includes 80,000 square feet of retail space that will include cafes, restaurants, a health club and a “local, cool” grocery store. A Mid-Market Bi-Rite, maybe . . . ?
Rowghani said Twitter, the online social networking service and microblogging service launched in 2006, will move 800 employees into the building in June. The company will have more than 1,000 employees worldwide by that time.
Twitter has leased floors 7, 8 and 9, and the company expects to exercise rights it has to lease floors 5 and 6 down the road as well. Each floor has about 80,000 square feet, though half the ninth floor is a rooftop deck, much of which is dedicated to plantings.
The outside deck covers about half an acre and provides dramatic views of Twin Peaks and various highrises . . . .
Out the back door, Stevenson Street will be blocked to vehicular traffic to create a pedestrian promenade with plantings between 1355 Market St. and 875 Stevenson. Shorenstein is also preparing to rehabilitate the 330,000-square-foot building across Stevenson, which is also part of the Market Square complex that includes Twitter's building.
Shorenstein said virtually the entire 750,000-square-foot building that Twitter is occupying has been leased or else is involved in serious negotiations.
All of the signed and prospective tenants are technology companies of one kind or another, Shorenstein said . . . .