In the latest high-profile office lease, Mountain View-based buttoned-up social network LinkedIn will be expanding to San Francisco proper with 450,000 square feet of office space in the forthcoming 222 Second Street tower.
According to Bloomberg's sources close to the deal, the terms are still private but the company will reportedly be taking up the entire building, minus some 2,200 square feet of ground-floor retail space. The building, which developer Tishman Speyer claims is "located in the heart of San Francisco's new city center, at the intersection of lifestyle and work style" is LEED-certified, and will include 8,600 square feet of public open space. The building even has it's own commercial, as is de rigueur among developers these days.
The LinkedIn tower news comes just a week after Salesforce.com announced their massive new lease for the bottom half of the Transbay Tower, plus the top-floor suite. According to one commercial real estate broker, office rents are on the rise, up 6.8% from last year.
LinkedIn has been growing rapidly since it went public in 2011, setting off the latest wave of public offerings that followed with Yelp, Facebook, Zynga and others. In addition to the San Francisco office space, which the company hopes will attract a more urban talent base, LinkedIn will keep their Mountain View headquarters and is also looking to expand internationally with more office space in Dublin, Ireland.
Previously: The Transbay Tower Will Now Be The 'Salesforce Tower'