San Francisco's new venture capital hotspot: a national park a world away from downtown
Venture capital firm Headline used to be in one of San Francisco's most eye-catching skyscrapers: the pyramidal Transamerica building that has defined the skyline for decades. Employees enjoyed the views from the 43rd floor and the convenience of being downtown. Then came the pandemic.
As the tech industry shifted to work-from-home or downsized, a city center that was already struggling with drugs and homelessness slipped further into urban decay. Businesses closed and visitors were scared off, creating a vicious cycle that coincided with changes already happening in the city's real estate market. With Headline's lease ending, the company decided to look elsewhere.
The executives considered building an office on a boat or moving to a residential house. Eventually, they took their operation managing $4 billion to the bucolic — and secure — Presidio, a former military base-turned-national park next to the landmark Golden Gate Bridge. And they are not alone.
Venture capital firms are increasingly joining retailers and other businesses in finding homes outside downtown San Francisco. Westfield, for example, said last month it was giving up its downtown shopping mall after 20 years, as foot traffic fell by 43% from 2019. Where venture capital firms end up could have implications for the broader tech industry, as such companies usually help form a gravity center for startup founders and communities.
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