Tech firm Capgemini America will pull up stakes in San Francisco’s South of Market and move to Mission Rock, a waterfront development across from Oracle Park in Mission Bay.
The U.S. subsidiary of Paris-based Capgemini has leased 30,000 square feet of offices at 1011 Third Street, the San Francisco Chronicle reported. Financial terms of the 10-year-lease were not disclosed.
Capgemini will move into the third floor starting in April in the highrise known as The Canyon, which in addition to offices also contains 283 apartments, including 102 affordable units. The pending move was first reported by the San Francisco Business Times.
The 23-story building is the first of four buildings planned at Mission Rock, the 28-acre development by New York-based Tishman Speyer and the San Francisco Giants across McCovey Cove from the Giants’ ballpark.
The Canyon includes 58,000 square feet of offices, of which nearly half will be taken up by the tech services and consulting firm.
Capgemini will vacate its offices at three buildings in SoMa by uniting its workforce under one roof at Mission Rock, according to Tishman.
The company occupies a 20,000-square-foot building at 425 Brannan Street and also leases an unspecified number of offices at 640 Bryant Street and 1130 Howard Street.
The consolidation of its workforce in Mission Bay will leave more empty offices in South of Market. Despite a recent surge in office leases by artificial intelligence firms, the office vacancy in San Francisco has hit a record 33.9 percent as a result of the shift to remote work.
When complete, Mission Rock will contain 1,200 homes, 8 acres of parks and open space and up to 1.7 million square feet of offices, shops and restaurants. Capgemini is the second big company to move there.
In 2019, Visa announced that it would move its headquarters from the Financial District to a 300,000-square-foot building under construction at Mission Rock.
— Dana Bartholomew
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