Twitter Driving Housing Growth in Mid-Market; Shorenstein Signs Fitness Facility at Twitter’s HQ
- Nov 14, 2013
The influence of major tech companies in the San Francisco Bay Area has made the Peninsula, San Francisco and Silicon Valley one of the best markets in the nation. While most people discuss Google, Apple and Facebook as major influences, it was Twitter that made the headlines this week, with the success of its recent IPO and the developments at the office building that serves as its current headquarters.
Twitter’s success has sent apartment prices soaring in the neighborhoods near the company’s Mid-Market headquarters, according to a report in the San Francisco Business Times. The success of the social networking platform’s recent IPO has further driven the area’s housing units to rent rates of $5,000 for two-bedroom apartments in the Upper Market and higher for three-bedroom units. The easy access to public transportation and dining options in the area, combined with the success of Twitter is ballooning interest for the area’s housing.
As its shares soared, Twitter’s headquarters received a new addition as Shorenstein Properties, the landlord at the One 10th Street facility, announced that it had completed an agreement with Fitness SF. The new location will be the operator’s sixth location in the Bay Area, as it has also recently acquired a new location in the Fillmore, the SFBT reported.
The office asset is set to welcome a new tenant as the fitness company is set to open a brand new gym at the site. The new fitness center will occupy 23,000 square feet of the 300,000 available at the building. One 10th is part of the Market Square complex that also includes the building at 1355 Market St. and totals about 750,000 square feet.
Image courtesy of shorenstein.com