To increase physical presence in the Bay Area, Facebook has signed a lease for the entire office portion of the 181 Fremont luxury tower in San Francisco.
The 436,000 square feet addition to the social media network will be San Francisco’s largest lease in the last three years, according to the San Francisco Business Times.
The chief investment officer of landlord Jay Paul Co., Matt Lituchy, confirmed Facebooks lease, according to the San Francisco Business Times. Sources claim the asking rent was approximately $80 per square foot.
It is expected that employees from Facebook’s Instagram unit will be the first to move into the luxurious San Francisco skyscraper. The office space can house between 2,000 and 3,000 employees.
“While Instagram’s HQ will remain in Menlo Park on Facebook’s campus, a small team from Instagram will be moving to San Francisco in early 2018,” said Facebook spokesman, Jamil Walker, in an interview with San Francisco Business Times. “With this lease, we’ve obtained the space we need at 181 Fremont to support our growth.”