The Swig Company has secured a 44,000-square-foot lease with artificial intelligence platform Clay at The Mills Building in San Francisco’s Financial District. The agreement follows closely on the heels of Swig’s recent refinancing of the historic, circa-1891 property at 220 Montgomery St., underscoring continued tenant demand for space in the downtown office landmark. The timing links a new technology tenant commitment with an updated capital structure for the building, even though the financing details were not disclosed.
Executives at The Swig Company highlighted the leasing decision as evidence that the property continues to resonate with modern occupiers. Stacia Keisner, senior vice president of asset management, noted that The Mills Building remains a draw for companies that want their offices to mirror their culture and long-term ambitions. She pointed to Clay’s selection of the property as an example of an innovative business choosing downtown San Francisco as a base to attract talent, promote in-person collaboration, and support long-run growth plans.
On the leasing performance front, the landlord reported meaningful velocity so far this year. Cory Kristoff, executive vice president and director of leasing, said that through The Swig Company’s focused speculative suite initiative at The Mills Building, the team has leased more than 102,000 square feet of space on a year-to-date basis. According to Kristoff, that year-to-date volume represents approximately 21% of the property’s space and reflects what the firm views as strong leasing momentum. He added that The Swig Company anticipates this pace of activity will continue through the remainder of the year and beyond, though no specific additional commitments were identified.
Newmark advised on both sides of the Clay transaction. Bart O’Connor, Mark Geisreiter and Hannah Potter of Newmark represented The Swig Company in the lease negotiations, while Maurice (Mo) Spikes, Derek Feinman and Aaron Ellison, also of Newmark, represented Clay. The dual representation underscores Newmark’s active role in the property’s leasing strategy, including its spec suite program that is helping to bring new tenants into the building.
While key financial terms for Clay’s lease were not made public, the combination of a sizable AI tenant commitment, the previously announced refinancing, and the year-to-date leasing statistics positions The Mills Building as an actively traded office asset within downtown San Francisco. The transaction signals that certain well-located, historic office properties in the Financial District are still attracting technology and innovation-focused occupiers, even as broader market conditions remain in flux.
