San Francisco’s burgeoning Central Market has landed yet another big fish of the tech world. The company Square is in the midst of renovating a former Bank Of America computer room to become its new headquarters.
On Wednesday, Square founder Jack Dorsey, who also founded nearby Twitter, lead San Francisco Mayor Ed Lee on a tour of the 150,000 square-foot space.
Everywhere construction crews were busily revamping the massive office complex, which will eventually extend four floors. Dorsey said the company will initially relocate 1,000 workers who are currently busting at the seams in their headquarters in the Chronicle building. The new headquarters at 1455 Market will eventually be able to accommodate 2,000 employees.
Square is the latest tech company to move to the up-and-coming Central Market area, which is already home to Twitter, One King’s Lane and Spotify.
Mayor Lee’s office said tech companies have taken up over one-million square feet of office space in Central Market since the city began offering a tax incentive several years ago. However Square moved in even though its location didn’t qualify for the tax break.
Dorsey said the chance to move Square near Twitter and other tech companies seemed like a good fit.
“When you have this dynamic range of folks coming from different backgrounds, different ways of life, different industries,” said Dorsey, “everyone gets more creative, it raises all boats.”
The resurgence of the once-gritty Central Market area is also witnessing a housing boom, with 4,500 new apartments currently under construction.
In a sort of tech musical chairs, once Square moves out of the Chronicle building, Yahoo will be moving in.