Deal points to rising interest in Brookfield Properties’ 5M as it prepares for a spring grand opening of its office, housing, parks and arts components
New space will be purpose-built to foster in-person connections within virtual-first company
SAN FRANCISCO, February 17, 2022–(BUSINESS WIRE)–Thumbtack, the modern home management platform, announced today it has leased space at Brookfield Properties’ new 415 Natoma Street office tower at its 5M cultural-arts and mixed-use district in San Francisco’s downtown SoMa neighborhood.
San Francisco-based Thumbtack is moving its footprint from the city’s upper Market Street area to a full floor at 415 Natoma. Last year, Thumbtack moved their more than 950 employees to a virtual-first working model, with an emphasis on prioritizing a flexible, equitable and inclusive work environment. This new space will serve as Thumbtack’s first ‘Library’, a new concept providing space for independent work and in-person connections for local team members.
“At Thumbtack, we are rethinking the future of work as we embrace a virtual-first model. As a result, we’re changing our real estate footprint to provide dedicated space for socializing with colleagues to build deeper connections and for getting work done, ” said Jelena Djordjevic, VP of People at Thumbtack. “We’re intentionally not building an ‘office.’ We’re excited to introduce a brand new, purpose-built environment to connect in-person – be that through an in-person activity or after work happy hour – or simply to enjoy a change of scenery day-to-day.”
Thumbtack’s San Francisco Library is custom-designed for their new way of working and features floor to ceiling windows, an open layout with no conference rooms, and two distinct spaces. The first is designed for socializing, hosting gatherings and spending time with colleagues in lounge areas, an open kitchen and separate bar area. While the second will provide dedicated space for quiet, heads down work with dedicated zoom rooms to meet with colleagues from around the world.
The 25-story Class A office building designed by KPF is part of the transformative 5M mixed-use neighborhood. 5M was entitled by Brookfield Properties in partnership with Hearst. The new district is transforming four acres of parking lots and underutilized buildings into a pedestrian-focused experience. In spring 2022, Brookfield will mark the grand opening of its project elements including new housing, retail, and restored historic buildings with a new public park at its heart. Programming for arts, neighborhood cultural communities, and community youth are integral to 5M.
Thumbtack was started five blocks away and said it remains committed to growing its business in the neighborhood. The company, valued at $3.2B in its last fundraise in June of 2021, helps millions of homeowners continuously care for their most valuable asset – their home – by knowing what to do, when to do it, and who to hire.
“Thumbtack has been a fixture in SoMa since its inception in 2008, and we’re excited that 415 Natoma can provide them with all of the ingredients necessary to make a modern, healthy space for their team members to thrive,” said Cutter MacLeod, Director, Asset Management for the Bay Area at Brookfield Properties. “We’re offering businesses, nonprofits and arts-based organizations with a dynamic mixed-use environment unique to San Francisco.”
The lease deal was arranged by Cushman & Wakefield representing Thumbtack and Newmark representing Brookfield Properties.
For more information, visit www.5msf.com and www.thumbtack.com.
Thumbtack is a technology leader building the modern home management platform. Through the Thumbtack app, homeowners can effortlessly manage their homes — confidently knowing what to do, when to do it, and who to hire. Bringing the $500 billion home services industry online, Thumbtack empowers millions of homeowners to fix, maintain, and improve their most valuable asset. The company is backed by Sequoia Capital, Tiger Global Management, Javelin Venture Partners, Baillie Gifford, and CapitalG, among others.
About Brookfield Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 650 properties and nearly 325 million square feet of real estate in gateway cities around the globe on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties. com.
5M is located at Fifth, Mission and Howard streets adjacent to an area of mid-and low-rise warehouse structures, the historic Mint Building and Plaza and major transit access. 415 Natoma provides floor-to-floor heights of 14-15 feet, with the first 10 floors providing an average of 36,000 square feet of space per floor. A main public “hospitality-driven” wall-less lobby with curated retail, food and beverage options welcomes the public visiting the adjacent parks. There are six private terraces totaling 27,000 square feet, including a spacious open terrace on the 25th floor with expansive views to Coit Tower and the Golden Gate Bridge and a 10th floor private terrace that can accommodate nearly 350 people. The outdoor terraces, a half-acre of privately-owned open space, state-of-the-art mechanical and ventilation systems, and touchless building automation features were designed to prioritize tenant wellness and safety. The building is targeting WELL Core & Shell and LEED Gold certifications.
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Laura Arrubla Toro, firstname.lastname@example.org
Peter Bartelme, email@example.com, 415-664-1503 for 5M