Facebook Leases Earthquake-Resistant Skyscraper in San Francisco for $35 Million
Facebook is headed to San Francisco with its recent lease at 181 Fremont, a mixed-use skyscraper that will become the tallest West Coast residential building once construction is completed later this year.
The social media giant plans to lease 33 of the tower’s 70 floors to house 2,000 Facebook employees and 3,000 Instagram employees. This lease marks the arrival of Facebook’s first official outpost in San Francisco. The company’s headquarters are in Menlo Park, 35 miles south of the city. Facebook shuttles employees from San Francisco to Menlo Park every day and the trip can take up to two hours during rush-hour traffic.
According to a San Francisco Business Times report, the asking rent was approximately $80 per square foot and Facebook put down $35 million for the space. The Business Times did not report how long the signed lease duration is.
A Business Insider article reports that Facebook will be in well-heeled company at the stunning tower. There are 67 luxury condos on the upper floors of the skyscraper, including a $42 million penthouse.