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Salesforce spending $690M on HQ, gets naming rights thrown in

Apr. 11, 2014 1:05 PM ETSalesforce, Inc. (CRM) StockBy: Eric Jhonsa, SA News Editor10 Comments
  • Starting in April 2017, Salesforce (NYSE:CRM -1.4%) will spend $560M over 15.5 years to lease 714K sq. feet in a San Francisco office tower that will be the city's tallest building following its completion, and $130M on leasehold improvements.  Net operating expenses related to the lease are expected to total $305M. (8-K)
  • As part of the deal, which covers over half the building's office space and represents a big expansion of Salesforce's existing S.F. HQ, the building will be named Salesforce Tower.
  • Bloomberg estimates Salesforce is paying a steep $83/sq. foot, or more than S.F.'s peak average office rent of $80/sq. foot (set during the Dot.com bubble).

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