“Uber has been hiring at an unprecedented rate and has outgrown their current headquarters at 1455 Market St. resulting in this expansion,” according to a news release on the move.
While Uber expects to keep offices on Market Street, it plans to have 2,000 employees in the next couple years and thus will need a larger home.
The joint venture between Uber and Alexandria Real Estate Equities is expected to produce a 422,980-square-foot campus in Mission Bay that would feature two 10-story buildings.
The two parcels, at 1455 and 1515 Third St., were purchased from Salesforce for $125 million. In 2010, Salesforce bought 14 acres – of which the two parcels were a part of – from Alexandria for $287 million.
The two parcels straddle Pierpont Lane just north of the planned location of the Golden State Warriors arena.
Alexandria will retain 51 percent ownership of the project and Uber 49 percent. Uber plans to have a 15-year lease for the entire project.
Uber’s new headquarters will sit beside the Alexandria Center for Science and Technology.
Construction is expected to begin in January and be completed by the end of 2016, when Uber plans to move in.