CBRE Secured $500 Million in Financing for Uber Headquarters in Mission Bay

CBRE arranged $500 million in financing for 1655 and 1725 Third Street in San Francisco, California on behalf of the joint venture among affiliates of Alexandria Real Estate Equities, Inc., Uber Technologies, Inc. and the Golden State Warriors. The joint venture refinanced the office development with a five-year fixed rate CMBS/SASB loan.

Brad Zampa and Mike Walker on CBRE’s Debt and Structured Finance team in San Francisco secured the five year, non-recourse loan from Goldman Sachs and Barclays both headquartered in New York.

“The San Francisco office market is showing significantly stronger leasing fundamentals over the past few quarters and is experiencing a resurgence in investor activity. Our team is actively marketing multiple value-add and stabilized West Coast office assets and we’ve seen an increased amount of liquidity for both debt and equity in the office sector — particularly for high-quality, well-leased trophy assets such as the Uber headquarters,” said Zampa.

Located in San Francisco’s Mission Bay neighborhood, 1655 and 1725 Third Street are two Class A, 11-story office properties totaling 586,208 sq. ft. Both buildings are LEED Gold certified and include a full-service two-story café, barista managed coffee bar, smoothie bar, event lounge, and landscaped roof decks with panoramic views of the San Francisco Bay. The properties are adjacent to a large fitness center, ground-floor restaurants and ample parking.

Zampa added, “Alexandria, Uber and the Golden State Warriors have upheld the buildings to the highest quality standards. The quality of the sponsorship, the asset and the long-term credit tenancy translated into a very favorable outcome for our clients. We are grateful to be a part of this extraordinary execution.”

The property is fully leased to Uber, which serves as its global headquarters, and is part of Thrive City, a dynamic community gathering space.

The San Francisco office market recovery has gained momentum, with some of San Francisco’s largest office leases signed in Mission Bay last year. In 2024, San Francisco office leasing activity was the highest since 2019 and increased by 20% compared to 2023, according to CBRE Research. Nearly half of office leasing activity in 2024 was driven by the tech industry, 21% of which was from artificial intelligence companies.

Investors returned in earnest to the San Francisco office market last year, with 23 office buildings sold in the Financial District. This is double the amount sold in 2022 and 2023 combined, when only 12 buildings sold.