LinkedIn to Lease 450,000 Square-Foot Tower in SoMa
Updated at 10:01 AM PST on Tuesday, Apr 22, 2014
LinkedIn will expand its footprint in San Francisco and lease the 450,000-square foot Tishman Tower, according to reports.
The tower, which is being built at 222 Second Street by Tishman Speyer Properties in SoMa, has 26 floors, according to Bloomberg News. quoting an unnamed source. Neither LinkedIn nor Tishman Speyer could be reached for comment after business hours.
The move means that LinkedIn, which is based in Mountain View, Calif., is following the path of several companies crossing the bay
to open or expand offices in San Francisco.
Blame it on the tax breaks or the ability to recruit talent, but having a San Francisco address seems to mean a company has made it. Pinterest moved from Palo Alto to San Francisco, Google has an office
in the city and many startups are scrambling to grab some office space before the rents rise more than the 70 percent they already have since 2010, according to Bloomberg.
LinkedIn didn't report any whopping profits
this quarter, so this new addition may be just the press it needs to show investors and competitors that it can lay out enough cash to rent an entire building in downtown San Francisco.