Robert Sammons, senior director of research at Cushman & Wakefield, said because California Street is bookended with large “Tier 1 trophy” buildings, the street has an outsize impact on setting pricing and expectations for the overall market.
Fields, whose Twitter bio says he’s “actively seeking acquisitions,” manages nearly 50 commercial and industrial properties outside of San Francisco.
“Right now, we know we have the best value in town,” he said. To compete with the glut of available, often newer, office spaces in town, Fields said he’s been flexible with rent terms, even signing a one-year lease if it gets a deal done. Traditionally, office tenants signing direct leases would commit to five- or 10-year terms.
But big lease deals are not totally out of vogue. Last month, Rippling, the well-funded HR automation company, migrated north from SoMa, where it had outgrown its digs at 55 Second St. and signed a multiyear lease at 430 California St., where it will now occupy a whopping nine floors. The technology firm requires its employees to come into the office at least three days a week.
