Dolby Laboratories announced this week that it was purchasing 1275 Market Street in San Francisco, formerly the home of the California State Compensation Insurance Fund, for $109.8 million. The seller is a partnership between DivcoWest and TMG Partners. The two real estate investment firms purchased the building in October of 2011 for $44 million, or about $115 a square foot, according to a San Francisco Business Times article. A non-refundable deposit of about $5.5 million has been placed in escrow, and the sale is expected to be completed on July 10, Dolby plans to fully occupy the 354,000 square foot building as its new headquarters.
"Dolby technologies bring richness, realism, and immersion to entertainment in the cinema, at home, and on mobile devices," said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. "This investment will support the company's current needs and future growth by fostering a collaborative environment that will continue to attract and retain the best employees."
"San Francisco--based Dolby is an important employer and business leader here in the 'Innovation Capital of the World,' and we appreciate the company's continued commitment to job creation in our City," said San Francisco Mayor Ed Lee. "Companies like Dolby are transforming the Central Market neighborhood into a vibrant hub for entertainment, culture, and innovation and are proving that our economic strategy for companies to start here, grow here, and stay here is working."
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