On Monday morning, I got to see a glimmer of Bloomberg’s San Francisco office. The office, on the second floor of a converted pier on the Embarcadero, was highlighted in August 2007 as the largest leasing deal to come along in San Francisco since the dot-com boom eight years earlier.
At the time, the media company rented 30,000 square feet at $100 per square foot (triple-net), while most office real estate at the time was about $50 per square foot. The deal nearly doubled Bloomberg’s footprint in the city as reporters and salespeople moved into a sleek waterfront place. Again, the Times:
The offices have floor-to-ceiling glass walls, natural lighting, operable windows, historic trusses and views of the bay, Treasure Island and the Bay Bridge. The development’s bayside history walk wraps around the building and boats will be able to pull up to the dock.
And, true, it’s all there–ferries docked below the desks, stunning bay views, and the lavatory is positively space-aged. One analyst suggested they got a great deal, saying:
“I feel anyone who has not locked up their space for the next couple of years should do so because rents are going higher,” she said. “In recent years, there has been a move to get away from fancy offices, particularly among the law firms. We seem to have passed that.”
What a long, strange trip it’s been. Eighteen months later, San Francisco, while not lacking for lawyers, might have fewer than expected after the collapse of Heller Ehrman and Thelen; and a casual glance at rental rates shows even for Class A office space as low as $25, suggesting that now might be the time to lock up space for the next couple of years.
I wish I had a photo of the Bloomberg office to show you. Scores of twinned screen Bloomberg terminals in long rows, all facing Treasure Island; a glass-walled conference room, full of more twin-screened terminals facing a pair of large screens embedded into the wall; a full, free cafe with coffee, juice, and cappuccino machines, fresh fruit, and rotating silver snack stands full of Kettle Chips and Swedish fish. This is the life, no? Still, during the hours I was there, I couldn’t shake the feeling that I was in a supervillain’s lair, the control room from which a plot for global domination is hatched and executed. All that was missing was the classic Mercator projection map of the planet, outsized letters spelling SPECTRE, and, of course, Ernst Stavro Blofeld in one of his various guises, along with his fluffy cat.