San Fran is NOT recovering. Companies are leaving, closing or consolidating. In this case a major tech firm is closing its HQ and moving in with another firm, which has excess space. This does not help the economy of San Fran—but shows the uncertainty of the policies of the local government.
“More than a year after Eventbrite let go of 45% of its staff, the San Francisco-based event management and ticketing company has significantly reduced its office space in the city.
Instead of exercising an option to renew its 7-year lease for roughly 97,000 square feet inside of the University of Pacific Building at 155 5th St. when it expired this May, Eventbrite is moving out and three blocks over, into much smaller office space occupied by Zillow Inc. in the SoMa neighborhood.
Eventbrite will sublease 13,335 square-foot sublease at 535 Mission St. in an agreement inked with Zillow on Aug. 23. The new digs will serve as the company’s headquarters, Eventbrite announced in a Securities and Exchange Commission filing last month.”
At least some of the company is staying in California.
Eventbrite shrinks S.F. office space significantly and relocates HQ
By Laura Waxmann, San Francisco Business Times. 9/7/21
More than a year after Eventbrite let go of 45% of its staff, the San Francisco-based event management and ticketing company has significantly reduced its office space in the city.
Instead of exercising an option to renew its 7-year lease for roughly 97,000 square feet inside of the University of Pacific Building at 155 5th St. when it expired this May, Eventbrite is moving out and three blocks over, into much smaller office space occupied by Zillow Inc. in the SoMa neighborhood.
Eventbrite will sublease 13,335 square-foot sublease at 535 Mission St. in an agreement inked with Zillow on Aug. 23. The new digs will serve as the company’s headquarters, Eventbrite announced in a Securities and Exchange Commission filing last month.
As I reported in April, Online real estate marketplace Trulia — which was acquired by Zillow in 2014 — anchored 535 Mission St. and listed all of its 105,897-square feet for sublease through September 2023. The 27-story skyscraper is owned by Boston Properties, which must still give consent before the sublease can become effective according to Eventbrite’s filing.
Eventbrite will be required to pay roughly $1.8 million over the term of the lease, which runs through Sept. 29, 2023. The company will also be responsible for its proportionate share of the building’s operating expenses. Costar first reported Eventbrite’s headquarters relocation.
“Eventbrite was founded in this great city and remains committed to cultivating a great place to work in San Francisco as the market reopens. We’ve created a flexible and personalized pathway for our Britelings in this new era. We will continue to evaluate our space needs against the optimal working patterns that emerge and the market conditions in the city,” a company spokesperson said in a statement to the Business Times.
Eventbrite’s space at 155 5th St. adds to the city’s sublease inventory, which surpassed 10 million square feet this year but fell to roughly 8 million square feet in the second quarter as some companies re-occupied their spaces or, like Eventbrite, signed new leases.
As of April 2020, Eventbrite employed just over 1,000 people, and laid off about 500.
Eventbrite conducted a survey of its remaining employees this year that showed that only 9% wished to return to the office full-time, while 68% wanted to return occasionally and 23% preferred remote work. In an April 2021 blog post, the company announced that it would allow its employees to choose which work-model worked best for them.
“We are building a future where employees take more control of how and where they work, and believe empowerment and flexibility is a key that unlocks more of their potential. As part of this program, employees also get an opportunity to temporarily try a remote location for a few months so they can test out their options and see what best suits them,” the company said at the time.
