Amsterdam/Newport Beach, CA, September 2014 - Breevast US, Inc., a Newport Beach, CA based 100% subsidiary of commercial real estate developer and investor Breevast B.V. based in Amsterdam, The Netherlands, has commenced the development of an office building with approximately 12.500 square meters together with underground parking in the South of Market (SOMA) area located in San Francisco. Breevast US acquired the property in 2004 as a parking lot. The development is located within a few blocks from the AT&T Baseball Stadium (San Francisco Giants) and the Moscone Convention Center.
The building has been 100% leased to Dropbox, a San Francisco based company, under a 12 year lease term with options to extend. The building will be part of a new corporate campus for Dropbox totaling approximately 30.000 square meters in which Breevast collaborated with Kilroy Realty Group, a Los Angeles based NYSE company, that will deliver an additional 17.500 square meters of space. The Breevast building has been designed by San Francisco architect Charles Blozies and will be constructed by Swinerton Builders as general contractor. US Bank National Association has financed the construction for the building. The project is expected to be completed in September 2015.
Dropbox is a privately held file hosting service company based in San Francisco that offers cloud storage, file synchronization and client software solutions for millions of users. Dropbox was founded in 2007 by, amongst others, CEO Drew Houston. As recently reported in the Wall Street Journal, the company is suggested to have a valuation of approximately $10-15 billion dollars.
In addition to the SOMA development project, Breevast owns other San Francisco bay area investment properties.