EMERYVILLE, Calif. – Commercial real estate and investment and development firm Harvest Properties today announced that Credit Karma, a San Francisco-based company providing free credit scores directly to consumers, has leased a single floor at 115 Sansome Street, in San Francisco’s financial district.
Credit Karma (www.creditkarma.com), will occupy one floor totaling 9,170 square feet of the 129,000 SF building, located at the corner of Sansome and Bush Streets. Harvest Properties and a joint venture partner acquired the historic Beaux arts-style building in 2011, repositioned vacant floors into untraditional, creative space and upgraded and restored the buildings’ jewel box lobby and other public areas.
The highly energy-efficient building features 14 floors plus penthouse, lower level and mezzanine, and out-the-door access to public transportation, restaurants, retail and other amenities and services. Credit Karma is scheduled to take occupancy in May 2012, joining other large tenants at 115 Sansome Street, including Specialty’s Café and Bakery, Creative Lift, ERRG and The Utility Reform Network. The building is currently 88 percent leased.
Credit Karma was represented by Blake Lugar of Kidder Mathews in lease negotiations; Harvest Properties worked with Charlie Withers and Ken Churich of The CAC Group. Terms of the agreement were not disclosed.
Credit Karma was founded in 2007 and has increased in size by 175 percent since last year. The company works directly with consumers, helping them better understand the power of their credit by providing completely free access to their credit score as often as they wish, as well as a host of tools and services.
According to a recent Moody’s Investor Service index study of prime office buildings in six major cities (including San Francisco) with tech sectors, the demand for unconventional, creative space – uninterrupted floor plans free of most walls and cubicles, exposed ceilings, lots of natural light and operable windows – is outperforming other property types, with the value of such buildings increasing measurably.
“With the advent of wireless technologies and mobile devices, we can work anywhere, in or out of the office. We are no longer tethered to a desktop computer,” says John Winther, founder and managing partner of Harvest Properties.
“With portable computing, office space is used differently today – informal and unconventional spaces are used for meetings, and people work more collaboratively within these open layouts. Creative space appeals to modern business influencers who view their workplace as an asset that boosts creativity and increases productivity,” added Winther.
“We are delighted to be a new tenant at 115 Sansome. The historical charm and the modern sensibilities of the building are a perfect combination for our growing team,” says Kenneth Lin, CEO of Credit Karma.
Originally one of two headquarter offices built for the Standard Oil Company in the early 1900s, 115 Sansome Street’s facade and ornate jewel box lobby include original period architectural character and vintage detailing, high ceilings, and copper trimmed operable windows. For the last four-plus years, the building has consistently received a high Energy Star rating.
About Credit Karma
Based in San Francisco, Credit Karma is a pro-consumer credit score company dedicated to helping consumers better understand the power of their credit by giving them completely free access to their credit score as often as they wish, providing a host of tools and services to help them track and monetize that score, and helping them become better overall credit consumers. At www.creditkarma.com, consumers not only learn their score, but they can identify what behaviors will positively impact their score and then gain preferred product pricing based on their credit score range.
About Harvest Properties
Founded in 2002, Harvest Properties is a full-service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint-venture investments in northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service.
Harvest Properties portfolio comprises approximately eight million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
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