Riverbed’s Footprint in San Francisco Expanding By 65,430 Square Feet Allowing for Continued Local Job Growth; Signs 10-Year Lease
—Mayor Edwin M. Lee today announced that Riverbed Technology, the leader in IT performance solutions, has entered into a 167,788 square-foot lease at 680 Folsom Street to house their world headquarters. Riverbed is expected to move into the building in 2014.
Riverbed, currently at 199 Fremont Street, will expand by 65,430 square feet into five floors at 680 Folsom Street with a 10-year lease term. This expansion will allow for Riverbed’s continued successes as they grow their offices here in San Francisco. Currently with 503 employees in San Francisco, representing almost a third of their worldwide workforce, Riverbed continues to see growth. The Office of Economic and Workforce Development (OEWD) estimates that this expansion will allow for Riverbed’s local workforce to grow to 1,157 employees, more than doubling their local presence.
“Riverbed’s long term commitment to keep their worldwide headquarters in San Francisco through 2024 demonstrates once again that we are the location of choice for high tech companies,” said Mayor Lee. “With dynamic leaders like Riverbed’s Jerry Kennelly, we are making San Francisco the ‘Innovation Capitol of the World.’ I want to congratulate Riverbed, TMG and JLL on the completion of this successful real estate transaction that will create jobs and drive innovation in our City.”
“Riverbed is proud to have had its headquarters in San Francisco for the past 10 years. We’re making this investment to support our long-term growth and cement our commitment to the City of San Francisco,” said Riverbed Co-Founder and CEO Jerry Kennelly. “Like many prosperous technology companies headquartered in San Francisco, we think the City is the right location to attract the best talent and provide a thriving environment for our current employees. It is about time San Francisco becomes the capital of Silicon Valley and we want to be a part of that.”
“Riverbed is the ideal tenant not only for this space, but to complement the increasing tech growth in San Francisco’s SoMa area,” said TMG Partners Chairman and CEO Michael Covarrubias, the developer for 680 Folsom Street. “It’s very exciting to be a part of this renewed vitality here in the City and we believe it not only indicates the strengthening of our local economy, but indicative of the positive trending in both the residential and commercial space within this area of the City.”
Riverbed was represented in the transaction by the real estate firm Jones Lang LaSalle. “The Riverbed real estate team was excellent throughout this entire process and took a very strategic approach to their future real estate requirements. By being proactive, they executed a headquarters strategy and netted a superb block of quality space which will be the finest development in San Francisco in the last decade,” said Jones Lang LaSalle’s HQ practice leader and International Director David Churton.
With construction now underway at 680 Folsom Street, the building will be fully renovated in time for Riverbed’s occupation. The new headquarters will feature a clear glass wall skin replacing the current concrete façade, a new public plaza and is pursuing LEED Gold certification.
Riverbed delivers performance for the globally connected enterprise. With Riverbed, enterprises can successfully and intelligently implement strategic initiatives such as virtualization, consolidation, cloud computing, and disaster recovery without fear of compromising performance. By giving enterprises the platform they need to understand, optimize and consolidate their IT, Riverbed helps enterprises to build a fast, fluid and dynamic IT architecture that aligns with the business needs of the organization. For more information about Riverbed, go to: www.riverbed.com
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 18 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For more information, go to: www.tmgpartners.com