Elon Musk is looking to sublease the 800,000-square-foot San Francisco headquarters for his social media platform X (formerly known as Twitter).
The San Francisco Chronicle reported that JLL (NYSE:JLL) was contracted to market roughly 460,000 square feet of X’s office space at 1355 Market St., which also includes an attached, roughly 330,000-square-foot building at 1 10th St. that the company previously made available for subleasing.
The JLL team is advertising Market Square as “one large headquarters opportunity,” but indicated that X may choose to continue to occupy some of its office; whether Musk plans to keep his company in the building or relocate it is unclear.
Nonetheless, the JLL team may have an uphill struggle – San Francisco’s office vacancy rate reached a record high 37% during the second quarter of this year.
“This would be the largest block of sublease tech space in San Francisco,” said Derek Daniels, director of research with real estate firm Colliers, who observed that X’s sublease will “push” the city’s total sublease availability to the “record high of 9.8 million square feet set one year ago.”
