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E-cigarette Company Eyes 29-Story San Francisco Tower Acquisition
San Francisco-based e-cigarette company Juul Labs Inc. is kicking the tires on a 29-story office tower at 123 Mission St. in San Francisco. The 387,598-square-foot property is near the new Transbay Transit Center and owned by New York-based Northwood Investors, which acquired the property for $290 million in 2018.
Currently, Juul is headquartered in 76,000 square feet at Pier 70, an historic building owned by the city. Juul indicated the push to buy a building was being driven in part by recent workforce growth that has seen its San Francisco ranks expand from 200 employees to 2,000.
The company has also received an infusion of cash for growth. That includes Marlboro maker Altria’s investment of $12.8 billion for a 35% stake in the company, which still must receive regulators’ approval. Juul has also raised roughly $800 million in venture funding.
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