While the CityPlace parcels are in default, Twitter has signed a Letter of Intent to move to Market Square, the million square foot former wholesale furniture mart at 1355 Market Street which Shorenstein Properties acquired for roughly $110 million earlier this month.
Twitter’s lease is contingent on San Francisco’s Board of Supervisors approving a payroll tax exemption intended to jumpstart redevelopment in the mid-market area.
∙ Notice Of Default Filed For CityPlace Parcels [SocketSite]
∙ Market Square: 1355 Market Street [shorenstein.com]
∙ Shorenstein bags future Twitter home [bizjournals.com]
∙ Payroll Expense Tax Exclusion For Central Market Street/Tenderloin Area [sfbos.org]