First Citizens Bank has acquired a 160,000 square-foot office building in downtown San Francisco to expand its presence in the innovation economy and support its growing client base in the region.

Information on the Target

First Citizens Bank & Trust Company, the banking subsidiary of First Citizens BancShares, Inc., has announced its acquisition of an office building located at 667 Mission Street in downtown San Francisco. This six-story building encompasses over 160,000 square feet of space, which includes an 8,000 square foot rooftop terrace and event space. The bank plans to renovate this property with the expected move-in date set for 2027.

Upon completion of renovations, First Citizens Bank intends to occupy a portion of the building while also seeking tenants for other available spaces. This investment is part of the bank's strategy to bolster its presence in a key market within the innovation economy.

Industry Overview in the United States

The banking and financial services industry in the United States is characterized by rapid technological advancements and a shift toward digital banking solutions. With the rise of fintech companies, traditional banks are adapting by en