SAN FRANCISCO – Two fast growing innovation companies have signed leases for creative office space at 799 Market, situated on the northeastern corner of Market and Fourth streets in San Francisco. Prism Skylabs, the global leader in visually understanding and optimizing offline commerce, has signed a five-year lease for 14,749 square feet and will occupy the entire top floor of the eight-story, 142,902-square-foot building. The new lease represents a significant expansion for Prism Skylabs, which is relocating from about 5,000 square feet at 580 Market Street.
Akamai, the leading provider of cloud services for delivering, optimizing and securing online content and business applications, signed a long-term lease for approximately 29,000 square feet. The company’s new San Francisco location will occupy the building’s entire 17,223-square-foot sixth floor and 11,636 square feet on the fourth floor.
Both companies are scheduled to occupy their new offices in November.
“Prism Skylabs’ and Akamai’s relocation to our urban campus at 4th and Market, comprised of 799 Market and 22 Fourth streets, aligns with the continued shift of technology companies migrating to downtown San Francisco,” said Jamestown COO Michael Phillips. “Our objective is to provide these high-performing companies with stimulating work environments that will accelerate innovation and draw talent.”
799 Market’s location at the intersection of San Francisco’s renowned Union Square shopping district and the booming South of Market (SoMa) technology office corridor is a magnet for young professionals, who are attracted to the area’s amenity-rich urban environment and like-minded peers.
"799 Market is a great location with great tenants," said Prism Skylabs Founder and CEO Steve Russell. "We could not be happier to move in."
The property includes five floors of creative office space, featuring tall ceilings, large windows, abundant natural light, and open floor plans, atop 55,000 square feet of retail. Jamestown acquired the asset in October of 2012 and also owns a neighboring mixed-use property comprised of two buildings at 22 Fourth and 801 Market.
Jamestown is currently renovating the building’s lobby, which will feature a unique bicycle-themed art installation in addition to other amenities, with completion expected later this year.
Bill Cumbelich, principal, Daphne Spieker, vice president, and John Walsh, associate, at San Francisco-based brokerage CAC Group, represented Jamestown in the transactions. Elizabeth Hart of Cornish & Carey Commercial, Newmark Knight Frank handled the negotiations on behalf of Prism Skylabs and David Duble of Cushman & Wakefield represented Akamai.
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.