{"id":1967320,"date":"2023-07-08T07:21:02","date_gmt":"2023-07-08T11:21:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-franciscos-new-venture-capital-hotspot-a-national-park-a-world-away-from-downtown\/"},"modified":"2023-07-08T07:23:07","modified_gmt":"2023-07-08T11:23:07","slug":"san-franciscos-new-venture-capital-hotspot-a-national-park-a-world-away-from-downtown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-franciscos-new-venture-capital-hotspot-a-national-park-a-world-away-from-downtown\/","title":{"rendered":"San Francisco&#8217;s new VC hub: a distant national park from downtown."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsan-franciscos-new-venture-capital-hotspot-a-national-park-a-world-away-from-downtown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1967320&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Krystal Hu<\/p>\n<p>SAN FRANCISCO (Reuters) \u2013<\/p>\n<blockquote>\n<h2>Venture Capital Firms Seek New Homes Outside Downtown San Francisco<\/h2>\n<\/blockquote>\n<p>Venture capital firm Headline used to be in one of San Francisco\u2019s 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.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Then came the pandemic.<\/p>\n<p>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\u2019s real estate market.<\/p>\n<p>With Headline\u2019s 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 \u2013 and secure \u2013 Presidio, a former military base-turned-national park next to the landmark Golden Gate Bridge.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u201cPresidio really represented what we thought the future of work should be,\u201d said Mathias Schilling, Managing Partner at Headline, on a recent sunny afternoon. Nearby, a dozen employees were sitting at a long wooden communal table in the bright kitchen, eating lunch against a backdrop of lush greenery, palm trees and panoramic views of San Francisco Bay.<\/p>\n<p>\u201cIt\u2019s a very calm and quiet space, something that I think instills creativity and stimulates people,\u201d said Schilling. \u201cWe take meetings outside and we walk around the big lawn here.\u201d<\/p>\n<p>Other venture capitalists \u2013 including Felicis Ventures, which backed Shopify and Fitbit, as well as Forerunner Ventures and venture studio Atomic, have filled the directories in the Letterman Building, one of the biggest office complexes in the Presidio. <\/p>\n<p>Converted from a former military base, the Presidio is located at the tip of San Francisco\u2019s peninsula, several miles west of the financial district. As a national park, it is patrolled by federal police. <\/p>\n<p>\u201cIt 100% feels safer than downtown. There\u2019s no open drug use in the Presidio. There are no homeless encampments. There are very few homeless wandering around and that is because it\u2019s the federal land and the federal police is a big part of it,\u201d said Rex Salisbury, who runs VC firm Cambrian Venture and has been living and working from the Presidio since 2017.<\/p>\n<p>SHIFTS IN TECH ECOSYSTEM<\/p>\n<p>Venture capital firms play an integral part in the tech ecosystem in the San Francisco Bay Area, where startups captured about 35% of all U.S. venture capital funding in 2022. <\/p>\n<p>Since the 1990s internet boom, the VCs have physically clustered in hotspots that are close to the startup founders \u2013 including Sand Hill Road in Silicon Valley and South Park in downtown San Francisco.<\/p>\n<p>Now some firms say they feel less obligated to stay downtown because startup founders have become more scattered since the pandemic, while the Presidio is a convenient location for firm partners who live in the northern part of the city or Marin, the county across the Golden Gate Bridge from San Francisco.<\/p>\n<p>\u201cPresidio was too far, before COVID, for any founders to want to really come. Founders are not in downtown anymore, so we don\u2019t have to be there anymore. We felt like it wasn\u2019t going to be a burden for our founders to come here. They\u2019re actually really excited,\u201d said Eurie Kim, whose venture firm Forerunner left downtown for the Presidio in early 2022.<\/p>\n<p>Although there are no statistics on the locations of VC firms by neighborhood, the Presidio vacancy rate is about 5%, compared to an overall <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-franciscos-new-venture-capital-hotspot-a-national-park-a-world-away-from-downtown\/\" title=\"San Francisco's new VC hub: a distant national park from downtown.\">commercial real estate vacancy rate<\/a> in San Francisco of 35%, up from 4% pre-pandemic, according to real estate firm CBRE and the Presidio Trust, the federal agency that manages the area.<\/p>\n<p>That is despite commercial real estate in the Presidio being on average 20% more expensive than downtown, according to CBRE data.<\/p>\n<p>Lisa Petrie, a spokesperson at Presidio Trust, said there had been broad interest in moving from downtown since 2020. \u201cThey all cite the amenities and the beautiful surroundings of this urban national park as the number one reason for locating here,\u201d she added.<\/p>\n<p>The Presidio has long attracted non-profit organizations and entertainment firms. Lucasfilm has had its headquarters here since 2005, and the Walt Disney Family Museum opened in the park in 2009.<\/p>\n<p>Some VCs say they are still committed to downtown, however. When General Catalyst outgrew its office in South Park in San Francisco earlier this year, they moved to another downtown building a few blocks away. <\/p>\n<p>\u201cWe found a convenient location that\u2019s close to public transportation, downtown hotels, and restaurants,\u201d said Jon Rehagen, chief technology officer at General Catalyst, adding that the firm was partnering with local restaurants and service providers. \u201cHopefully, that will help to revive the downtown tech corridor that is still recovering after the pandemic.\u201d <\/p>\n<p>Employees in Presidio also hoped for downtown\u2019s recovery \u2013 but said for now they were happy they no longer needed to commute there.<\/p>\n<p>\u201cThat part of town just hasn\u2019t evolved in so long,\u201d said Molly Martell, vice president of Brand at Headline. She said she hoped the attention being focused on its problems would be a catalyst for change. \u201cIt\u2019s just tragic to see what\u2019s happening,\u201d she added.<\/p>\n<p>A spokesperson for the office of San Francisco Mayor London Breed said the government wanted to support businesses of all types in all neighborhoods in the city. <\/p>\n<p>\u201cMayor Breed continues to implement strategic initiatives to help stabilize existing businesses and recruit new ones as part of her\u00a0Roadmap to Downtown San Francisco\u2019s Future\u00a0plan.\u00a0We will continue to emphasize efforts to support the revitalization of Downtown, but we also welcome investments in all parts of our City,\u201d the spokesperson said in an email. <\/p>\n<p>Colin Yasukochi, executive director of CBRE\u2019s Tech Insight, compared the Presidio to Sand Hill Road, the historic address for VCs in Silicon Valley.<\/p>\n<p>\u201cWe do have this phenomenon that we call \u2018flight to quality\u2019 in real estate here,\u201d he said. \u201cThe Presidio has evolved as the Sand Hill Road of San Francisco.\u201d<\/p>\n<\/p>\n<p> (Reporting by Krystal Hu; editing by Peter Henderson and Rosalba O\u2019Brien)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/san-franciscos-new-venture\/attachment\/people-enjoy-the-afternoon-in-presidio-a-former-military-base-turned-national\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/san-franciscos-new-venture\/attachment\/tourists-look-over-downtown-san-francisco-including-the-transamerica-pyramid\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/san-franciscos-new-venture\/attachment\/the-transamerica-pyramid-building-is-seen-as-tourists-ride-a\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/san-franciscos-new-venture\/attachment\/employees-are-seen-at-venture-capital-firm-headlines-office-at\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/san-franciscos-new-venture\/attachment\/mathias-schilling-managing-partner-at-venture-capital-firm-headline-during\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Meanwhile, Mark Zuckerberg releases his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tusk-ceo-jeff-bermant-on-threads-launch\/\" title=\"Tusk CEO Jeff Bermant discusses Threads launch.\">latest social media app<\/a> to rival Twitter, In his feud with Elon Musk.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Meta\u2019s Threads may look a little too familiar, while Tucker Carlson teases a J6 bombshell.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>In her dissenting opinion for the Supreme Court\u2019s recent ruling striking down race-based college admissions Justice Ketanji Brown Jackson defended diversity and its benefits.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Georgia Congressman Rich McCormick tells One America News about a provision he added to the Defense Authorization Bill banning the Pentagon from using so-called media disinformation monitors like Newsguard and the Global Disinformation Index, which he calls \u201ca total bias scam.\u201d <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Julie Zhu and Jane Xu HONG KONG (Reuters) -Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Yuvraj Malik (Reuters) \u2013 Researchers at India\u2019s AI4Bharat are raising $12 million from venture capital firms Peak XV and Lightspeed Venture\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By David Shepardson WASHINGTON (Reuters) -Tesla wants the Biden administration to finalize more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-ntsb-probes-boeing-737-max-engine-fire-at-newark-airport\/\" title=\"The US NTSB investigates engine fire on Boeing 737 MAX at Newark Airport.\">stringent vehicle emissions limits<\/a> than those proposed in April\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Chibuike Oguh NEW YORK (Reuters) -Shares of Rivian Automotive surged more than 18% on Friday as it continued to rally after\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>venture capital firm Headline used to occupy the iconic Transamerica building in San Francisco, relishing the stunning views and downtown accessibility. However, the pandemic altered the scenario, forcing a change in circumstances for the tech company.<\/p>\n","protected":false},"author":66,"featured_media":1967321,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1967320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1967320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1967320"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1967320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1967321"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1967320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1967320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1967320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}