This $1BN skyscraper has been approved for San Francisco despite record vacancy rates

SAN FRANCISCO’S fourth tallest building has officially been approved, despite the city's office vacancy rates tripling during the pandemic.

City supervisors approved the 245-metre skyscraper on 16 March 2021 after an arduous four year battle from developers to get the project up and running.

Originally intended as a companion to the nearby 326-metre Salesforce Tower - also designed by Pelli Clarke Pelli Architects - the Parcel F project features many of the same design flourishes including a rounded floorplate and a latticework crown that will be lit up at night.

The skyscraper also references historic San Francisco buildings in its design, with vertical white piers reminiscent of the Pacific Bell Tower.

Above: The Parcel F project will complement Salesforce Tower on the San Francisco skyline. Image courtesy of Pelli Clarke Pelli Architects.

The 62-storey building will contain a 190-room luxury hotel, 30,193 square-metres of office space, 165 condos, as well as shared amenities and retail spaces.

While a sky bridge will connect it to the Salesforce Transit Center’s 5.4-acre public rooftop park.

Approval for the building has come despite Salesforce dropping out as the tower’s main tenant.

The software company made headlines earlier this year when it announced “the 9-to-5 work day is dead”, allowing their employees to work from home full time on a permanent basis.

Offices would be used “flexibly” for tasks that are too challenging to do over video calls, such as team collaborations, customer meetings, and presentations.

Above: The tower's latticework crown will light up at night. Below: The skybridge that links to the nearby rooftop garden. Image courtesy of Pelli Clarke Pelli Architects.

The announcement presented a major shift for a company that had just completed one of the United States’ tallest commercial buildings.

Cameron Falconer, an executive at Hines, the developer behind the Parcel F project, has stated that the company will seek to raise USD $1BN from lenders United Overseas Bank and JPMorgan Chase, with the goal of starting construction by the end of this year.

“We are focused. We are committed,” Falconer said in a press release. “It will be a wonderful addition to the city.”

The project is perhaps one of the biggest bets on the Californian city’s recovery from the current economic crisis.

To learn more about Salesforce Tower, watch our documentary: