General Catalyst is trading SoMa for the shoreline, locking in a massive new office at San Francisco’s historic Pier 70 that boosters say could help jump-start one of the city’s slow-moving waterfront makeovers.
As reported by the San Francisco Business Times, the venture capital firm has signed for roughly 70,000 square feet in Building 12, enough to occupy the entire third floor. It is a big jump from the roughly 12,000 square feet the firm previously occupied in SoMa, and a clear bet on a very different kind of office setting.
A Brookfield spokesperson confirmed the lease to the paper, which described the space as the former ship mold loft, now reworked with high ceilings, natural light, and sweeping bay views. It is the kind of glossy waterfront office that local landlords are banking on to lure tenants who still believe in in-person work, at least some of the time.
The San Francisco Chronicle reports that Brookfield’s Cutter MacLeod framed the deal as a sign that the right buildings can still compete in a tough market, saying, “The San Francisco office market continues to reward projects that provide first-class amenities, beautifully designed space and access to transit.” The Chronicle also noted that brokers from JLL represented Brookfield, while CBRE represented Urban Catalyst in the transaction.
Brookfield's Plan for Pier 70
Behind the glam shot of one venture firm moving in is a much bigger urban remake. Brookfield and the Port of San Francisco are in the middle of transforming the 28-acre Pier 70 site into a full-fledged neighborhood that, at full buildout, is expected to include more than 2,000 homes, roughly 2 million square feet of commercial space, and about nine acres of parks, according to Brookfield Properties.
Building 12, a restored World War II shipbuilding shed, is meant to serve as the cultural and commercial centerpiece of that vision. Landing a high-profile tenant there gives Brookfield a stronger calling card as it pitches the rest of the project to future residents and office users.
Why the Deal Matters
Beyond the bragging rights, the lease is being viewed as a practical milestone for Pier 70. Larger phases of construction at the site have been on hold, and developers have said they need big pre-lease commitments before restarting major work.
The San Francisco Chronicle reported that Brookfield’s Tim Bacon does not expect new construction at Pier 70 to resume this year, making General Catalyst's signing as an anchor tenant all the more significant for the long-term plan.
With JLL and CBRE brokering the deal, General Catalyst also joins a growing cluster of investors and startups that are shifting their attention from the traditional downtown core to Mission Bay and Dogpatch. Market watchers say that pattern could gradually nudge office demand eastward along the waterfront as companies chase newer buildings, better amenities, and, in this case, front-row bay views.
