The online professional networking website LinkedIn has signed a new lease in downtown San Francisco, according to an announcement on Wednesday from Mayor Ed Lee’s office.
The Mountain View-based company is expanding to San Francisco at a time when the mayor is encouraging tech companies to flourish on Market Street. Steve Cadigan, LinkedIn’s vice president of talent, said the move will allow the company better access to dynamic workers, and the mayor said it’s more evidence that The City is becoming the “Innovation Capital of the World.”
LinkedIn signed a 57,000-square-foot lease at One Montgomery Tower, according to the Mayor’s Office. The company went public in May.
The announcement marks the second so far in 2012 for tech companies signing big leases in San Francisco. The Mayor’s Office cited real estate figures that show The City’s Financial District is on the rebound from a gaping office space vacancy rate, which is now down to 8.6 percent from more than 40 percent at the beginning of 2011. One-third of the space filled was the result of tech companies moving in, according to the figures.