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Zillow, a real estate information provider and ‘housing marketplace’ based in Seattle, has opened a new office in San Francisco, California, to support its growth on the American West Coast.
The company, which also has offices in New York, Chicago, and Seattle, has signed up to rent 18,350 sq ft of space in San Francisco’s primary financial district, 225 Bush Street.
Zillow’s overall business is split into different parts based on particular websites’ similar but distinct functionality. Its San Francisco office will focus on delivering services linked to the apartment and home rental search service Hotpads.com.
The company’s new San Francisco offices already have 60 employees, and there is room available at the site for expansion.
Zillow’s ownership of Hotpads.com resulted from a buyout that was completed in November 2012, and the company also acquired RentJuice, another California-based online property search business, last year.
“We’re thrilled to open a Zillow office in the heart of San Francisco,” said Spencer Rascoff, Zillow Inc’s chief executive.
“We’ve added considerable talent and technology to Zillow with our recent San Francisco rental-related acquisitions, and uniting these teams under the same roof creates a powerful force to bring new tools and services to life in Zillow’s growing rental marketplace.”
A report released in December 2012 by the real estate analyst and advisory firm CB Richard Ellis said that Downtown San Francisco saw the world’s sharpest rise in prime office rental increases last year. Average asking prices in the district increased by 36.4 per cent year-on-year, with demand within the technology sector cited as the primary catalyst.