SAN FRANCISCO (Nov. 15, 2012) – The Sobrato Organization, Silicon Valley’s premier developer of facilities for high technology companies, and its advisor TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, announced the signing of an 111,761-square-foot lease at 500 Terry Francois, Mission Bay in San Francisco with Meraki, Inc.
Meraki, a cloud networking company currently located at 660 Alabama Street, will move into the 4th and 5th floors in mid-2013 with a 10-year lease term. Warren Wixen and Jenny Haeg represented the tenant and Mike Brown, Bart O’Connor, Jack Troedson, and Donnette Clarens of Cornish & Carey Commercial Newmark represented the owners.
Mission Bay is a 303-acre development planned for 6,000 housing units, 4.4 million square feet dedicated to office and life science use, 41 acres of parks and open space, the UCSF research campus andhospital, as well as rapidly increasing amenities to service this growing community.
“Meraki’s office relocation further validates the arrival of Mission Bay, which is home to both high tech and emerging sciences,” said John A. Sobrato, chairman of The Sobrato Organization. “With all the development activities at Mission Bay, coupled with the projected sites of Pier 70, Seawall 237 where the Giants are creating a new mixed-use project and the new Arena, Mission Bay is not only on transit lines, but more importantly on the path of progress.”
Meraki is the leader in cloud networking, offering its customers enterprise-class networking solutions that use cloud-based technologies to make them easier to manage and lower cost. The rapid proliferation of mobile devices and web applications has fueled explosive growth for Meraki – the company, which was founded in 2006, has more than doubled in size this year to over 330 employees. Meraki plans to continue this rapid growth into 2013.
“Meraki is a young, innovative company, and our choice in office location is critical to enabling our rapid growth while preserving our unique culture,” said Sanjit Biswas, co-founder and CEO of Meraki. “In Mission Bay, we have found an ideal home for this next phase of growth as a company.”
The San Francisco office market remains very active with limited large blocks of space available for tenants with near term occupancy requirements. 500 Terry Francois is ideally located to public transit, with a shuttle service, parking, and access to Interstate 280. The305,000-square-foot LEED Silver building offers unobstructed bay views from large efficient floor plates with amenities such as gym, showers, bike storage and a state-of-the-art raised floor system that provides tenants with increased layout flexibility while maximizing floor to ceiling height.
500 Terry Francois has over 193,000 square feet of remaining space available for lease.
About The Sobrato Organization
Since 1953, the Sobrato Family has played a pivotal role in shaping Silicon Valley withunique facilities that provide compelling benefits for forward-thinking companies. Founded by John A. Sobrato in 1979, The Sobrato Organization today remains a family-owned firm with no outside investors or joint venture partners. Led by our chairman and founder John A. Sobrato and his son, John M. Sobrato, who serves as our chief executive officer, our firm is known for integrity and dedication. Consistent with our belief in giving back, we have engaged in charitable giving since 1996, donating more than $300 million inreal estate to our communities through the Sobrato Family Foundation.
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, MarinCity, 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 detailed information, visit www.tmgpartners.com.
Meraki, the leader in cloud networking, is transforming enterprise networks by enabling organizations of any size to seize new business opportunities and reduce cost. Over 10,000 customers around the world trust their networks to Meraki. A privately heldcompany, Meraki was founded in 2006 and is funded in part by Google, Sequoia Capital, and DAG Ventures. Meraki is headquartered in San Francisco and hasover 330 employees. For more information on Meraki, visit www.meraki.com.