Newly created Federal Reserve money continues to flood Silicon Valley and much of that money is flowing north to San Francisco.
A surprising number of SF business tenants have only month-to-month leases The buildings they occupy are being bought up by Silicon Valley-types for their own use and the old tenants are being tossed out.
EPJ recently obtained this copy of a notice sent by an office suites firm that was on a month-to-month lease and in turn rented out office space on a month-to-month basis.
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June 16, 2015
Dear Friends & Members,
As some of you have been aware, the Union Square building has changed ownership in the past few month. Unfortunately, even with our best efforts, the new owners want to occupy the building and not lease it out. Two days ago we received a final letter from the new owners letting us know of their intents. Therefore with great sadness we are forced to close down the Union Sq. office as of August 31st until we can secure a new space.I know this will impact some of you more than others. Please check with Kate to see the availability at our other locations. Please feel free to reach out to me at xxx@sandboxsuites.com with any questions. Again, I know this is a great inconvenience to most of you, and we are still trying to secure a location near the current one, but given the time frame and the current real estate market it is unlikely.
There is a possibility of us taking some of the retail space on the first floor. I will keep everyone posted on that. There is space at the other locations in the city. Unfortunately the private office folks will be impacted the most, as we only have a few offices that are available in San Francisco.
Thank you,
Roman Gelfer
President & CEO |
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