To accommodate its hiring spree (and thanks to a fundraising windfall), Uber is spending at least $250 million on new Bay Area offices, according to recent analysis.
BuildZoom, an online platform for finding contractors, combed through various building permits and other filings and determined that Uber is spending $130 million on its new San Francisco offices in the Mission Bay neighborhood, and $2 million renovating its new offices in Oakland.
According to plans filed by Uber, a privately held company reportedly valued at more than $50 billion, the Mission Bay location includes both a six-story building and an 11-story building that are connected by a landscaped walkway. Based on building permits filed by Uber, the 11-story unit will cost $66.6 million to build, while the six-story building will cost $57.6 million.
In Oakland, Uber announced last year that it had nabbed the old historic Sears building for $123.5 million and would renovate it. The folks at BuildZoom have found permits filed for this work that put the cost of renovations at $2 million, so far. However, BuildZoom notes that it’s possible Uber may file additional permit requests that would increase that amount over time.
Having raised $7.4 billion in venture capital, Uber can no doubt afford these new digs, even as talk spreads of cooling VC spending this year. Still, Uber’s aggressive real estate plans will likely one day stand as either a mark of its extreme confidence or a symbol of yet another era of startup excess.
Despite the cost disparity between the renovations, BuildZoom points out that the SF location, with 423,000 square feet, will have space for 3,000 employees, while the Oakland offices, with 380,000 square feet, will have room for 2,500.
It should also be noted that the previous owners of the Oakland offices were already in the process of spending $40 million to renovate that Sears building before Uber came along.