Having leased the 14,718 square foot penthouse atop 555 Mission Street for seven years at a rate of $84 per square foot in 2008, in 2009 Sequoia Capital subleased the penthouse to Novak Druce Quigg for the remainder of their lease at a 40 percent discount ($50 per square foot) without escalation.
As plugged-in people know, Sequoia had “intended to use this space for creating a new public securities investment fund, not for making SF-based VC investments.”
With 555 Mission now 88 percent occupied, Union Investment is in contract to buy the building for $445 million, or $800 a square foot, “the highest price paid for a downtown San Francisco building since Morgan Stanley Real Estate bought One Market Plaza for $925 a square foot…in 2007.”
∙ 555 Mission: Sequoia’s Penthouse Sublease At 40 Percent Off [SocketSite]
∙ Tishman to sell 555 Mission for $445M [Business Times]