Prior analysis · July 2026 partnership presentation · View current portfolio overview
Resource Commercial Real Estate
Peregrine + Resource

Built together
in San Francisco.

A stronger SF HQ outcome — the partnership, the plan, and the path forward.

Prepared July 2026
01 · The Resource + Stream Partnership

Stream leads. Resource unlocks value & flexibility with deep local market intelligence.

One team, one plan — Resource strengthens Stream's position — we don't overlap with it.

Resource
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Long-term space planning and occupancy strategy tied to headcount growth and financial planning

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Real-time insight into market activity and local relationships to uncover off-market opportunities — ensuring maximum leverage and the best contract terms

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Block-by-block market intelligence that helps identify & build leverage — and flag risk (loan defaults)

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Full occupancy-cost analysis, including rent, operating expenses, local business taxes, concessions and build-out exposure

Stream
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Market tours

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LOI & lease negotiation process

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Transaction management & closing

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Tenant representation & advocacy

The power of a partnership
Better intelligence→ Informed strategy→ More negotiating leverage→ Better outcome for Peregrine
02 · Peregrine's History and Current Position

A partnership already proven at 71 Stevenson.

33,702
RSF secured across two floors
2
Lease events · one 2028 clock
Apr 2028
Coordinated decision horizon
Our history with Peregrine
2024 — Suite 700 · 14,488 RSF

Resource led Peregrine's HQ lease at 71 Stevenson — a durable headquarters through April 2028.

2025 — Suite 500 · 19,214 RSF

Expansion aligned to the original lease clock, creating one coordinated 33,702 RSF platform.

Favorable terms delivered

Leveraging market intelligence, we secured a direct lease rate at the same economics of a sublease — with the benefits of a direct lease.

Re-engaging now

Strategic planning as Peregrine scales toward its next SF footprint.

03 · The Strategic Risk Ahead

A thoughtful, well-developed HQ strategy reduces risk and unnecessary spend.

Three questions most companies don't ask until it's expensive.

01

What does headcount really look like in 36 months?

The risk

A multi-year lease signed against a single-point guess. Too big, and you pay for empty desks. Too small, and you need to move before your term is up.

How Resource closes it

Model growth in ranges, then structure flexibility (expansion, contraction, phased take-down). Translate these scenarios into functional floor plans.

02

Are we forecasting the total cost of occupancy, or just rent?

The risk

Rent is a fraction of the whole figure — it’s OpEx, escalations, TI shortfall, FF&E, and restoration. The lowest $/SF rent could be the most expensive long-term deal.

How Resource closes it

Normalize every option to one figure: all-in cost per seat, per month, across the full term. Model project costs and operating costs alongside rent.

03

Does your site survey use hyper-local intelligence?

The risk

San Francisco isn’t one market. Pricing shifts block to block and class to class. Citywide vacancy is a misleading headline — top-quality space is still at a premium.

How Resource closes it

Underwrite at the building level: ownership, exposure, real comps, and which landlords are motivated right now.

Rent is a transaction. Occupancy is a strategy.

04 · The Path Forward

71 Stevenson: stay or relocate.

At 39.9% vacancy the building has room to grow in place, with attractive rents and a motivated landlord — but seats, company culture, and business goals drive the decisions.

71 Stevenson stacking · July 2026
Peregrine Leased Available Expansion
Tap or hover a floor for details
23 floors · 39.9% vacant · pricing shifts floor to floor

Extend at 71 Stevenson

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No relocation disruption; leverage existing build-out & furniture. Buys time & reduces commitment.

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Current advertised suites are expansion leads; availability and a usable configuration require confirmation.

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Known landlord and a coordinated April 2028 clock

But

33,702 RSF leased; 218 seats / 240 maximum are dated planning inputs. Current installed seats and the capacity-crossing date need confirmation.

Expansion configuration, capacity, terms and delivery still need confirmation.

The SF option notice window opens May 6 and closes November 2, 2027, subject to the lease conditions. Build the comparison early enough to preserve a deliverable alternative. See the verified decision calendar.

05 · Hyper-local Intelligence

Market opportunities

Five buildings where a master lease or an anchor tenant's downsizing has created large blocks that aren't being marketed as such.

Building Floors Size (SF) Situation
430 California St 11–19 123,320 Rippling currently occupies the majority of the building and is in the market for 400,000 SF — exceeding the capacity of the building
8, 9, 10 42,550 Rippling expanded here — master lease on the full building; signage and residual value
350 Bush St 1–7 140,055 Twitch downsized, sublet the upper floors, retained ground and lower
17–19 52,869 Publicis leased direct and sublet to High Note; still on 17
350 Mission St 10–12 53,764 Salesforce master leased the entire building and has since subleased the majority of the building
6–9, 14–23 251,000 Sephora is in the market for ~150,000 SF, representing a downsize
222 2nd St 9–15 154,450 LinkedIn master leased the entire building and was subsequently acquired by Microsoft; SVB Bank subleased 150K SF, which will be coming available
100 First St 4–9, 10–11, 14–15 150,000+ Okta sublet to Decagon & Hive — floor count to confirm

The five buildings, mapped around Peregrine's current HQ at 71 Stevenson. Click a marker for block details.

430 California St
430 California St
350 Bush St
350 Bush St
350 Mission St
350 Mission St
222 2nd St
222 2nd St
100 First St
100 First St
06 · Sizing the Right Solution

Matched to your headcount and your budget.

We link headcount forecasts → seat capacity → portfolio cost trajectory, so the space fits the plan and the P&L.

The growth picture
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FY26 goal: +300 FTE. ~140 net hires since Mar 2025; +260 over three years.

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Validate the current SF roster, hiring plan and workplace program. The earlier 340+ desk target was unconfirmed and is not an employee forecast. See the September research and capacity tests.

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3–7 year term, CBD, creative open plan, flexible layout, with natural light and transit access.

The financial guardrails

Small overages add up to large expenses.

~$130K/yr
Cost of the wrong space size (~$660K over 5 yrs)
~$840K–$1.7M
Five-year exposure from weaker deal terms

Complete cost analysis before any commitment — rent is only part of the cost.

Live supply and demand model — adjust forecast assumptions, compare space capacity, and test timing across supply paths. Working assumptions need confirmation. Open the full model ↗

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