Pasadena, CA-based Alexandria Real Estate Equities Inc., an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation clusters, recently revealed that Pinterest Inc. has signed a lease for nearly 490,000 RSF at 88 Bluxome Street, an approximately 1 million RSF mixed-use campus development project in the heart of the Central SoMa neighborhood of San Francisco.
According to a prepared statement, the lease with Pinterest brings the mixed-use campus’s pre-leasing total to almost 60% and represents the first major lease signed at a development project in support of the city’s much anticipated Central SoMa Plan.
“We are committed to addressing the multiple priorities expressed by the SoMa community through the well-planned development of our 88 Bluxome campus,” said Stephen A. Richardson, co-chief executive officer of Alexandria Real Estate Equities, Inc. “This transformative community-focused development represents a meaningful opportunity for us to create a new destination that will revitalize the neighborhood and stimulate innovation and job growth in SoMa while it also further enhances Alexandria’s visible pipeline of key future value-creation development projects.”
The premier 88 Bluxome campus will feature a distinctive, next-generation technology and life science building with active retail space on the ground floor and an abundance of outdoor deck spaces throughout the building. Incorporating an unprecedented mix of new benefits to the SoMa community has been an integral part of this campus development. These thoughtfully crafted benefits will include a community recreation center with two new swimming pools and a public activity space to expand the offerings of the neighborhood’s existing Gene Friend Recreation Center; a child care center; an air rights parcel deeded to the city for the development of approximately 90 units of affordable housing; a pedestrian art walk with commissioned art pieces from internationally renowned artists Tomás Saraceno and Max Lamb, complemented by other contributions from local artists; production, distribution and repair space for small businesses; and a vibrant linear park along the newly improved Bluxome Street.
“We were drawn to this project specifically because of how open the space will be to our neighbors,” said Charlie Hale, head of public policy and social impact at Pinterest. “We know how important the Gene Friend Rec Center has been for many of our community partners. That’s why we’re excited this project will provide additional space for the San Francisco Recreation and Park Department. We are thankful to be part of SoMa and continue to identify ways our spaces can reflect our commitment to the neighborhood.”