Chime is approaching San Francisco’s biggest lease since pandemic
Financial technology firm Chime is in talks to sign the biggest office lease in San Francisco since the start of the pandemic.
The company is on the verge of closing a deal for approximately 200,000 square feet at 101 California Street in Hines in the Financial District, according to the San Francisco Business Times. The lease covers part of the smaller section of the podium of the 48-story building.
It is not clear whether Chime would be leaving his nearby seat at 77 Maiden Lane in Union Square. The company leases approximately 45,000 square feet there with a little less than a three-year lease. He has not publicly listed it for subletting.
Chime would join a number of banks and financial services companies in the podium building, including Bank of America, Deutsche Bank and Morgan Stanley.
Vacancies have been on the rise in San Francisco since the start of the coronavirus pandemic. The market was particularly hard hit as many businesses in the region quickly turned to remote work.
Still, some investors are optimistic about San Francisco. Kilroy Realty earlier this year sold a 750,000 square foot office complex in Mission Bay for just over $ 1 billion, making it the second most expensive office investment sales ever in the city.
Chime raised $ 435 million in a Series F funding round in September, bringing its valuation to $ 14.5 billion. CEO Chris Britt has said the company will be “IPO ready” this year, according to the Business Times.
[San Francisco Business Times] – Dennis lynch