Salesforce.com's plan for a new 14-acre campus in San Francisco has quickly come down from cloud nine.
After spending $278 million on prime real estate in San Francisco' China Basin area about two years ago, the cloud software company said it is scrapping plans to build its new campus.
The company says it is growing too fast to be able to wait for the new campus to be built. The City's Planning Department was set to approve the development this week.
"We just took a look at our long term and really our short term needs. The reality is we are going to need the square-footage before we can build it," said Bruce Francis, Salesforce vice president of corporate strategy, told The San Francisco Business Times. "We came to the conclusion this is the way to go."
The Mark Benioff led company already rents several buildings in San Francisco, including its outpost at One Market Plaza.