First Citizens Bank Purchases Office Building in San Francisco

Rhea-AI Summary

First Citizens BancShares (Nasdaq: FCNCA) purchased a six-story office building at 667 Mission Street, San Francisco, to support its growing Bay Area client base.

The property totals more than 160,000 square feet, includes an 8,000 square foot rooftop terrace, and will be renovated with an expected move-in date in 2027. First Citizens expects to occupy part of the building and to lease remaining space to tenants.

This is the bank's second commercial real estate purchase in the Bay Area in 2025, following a 43,000 square foot Palo Alto acquisition in August; the bank reports more than 500 associates in San Francisco and over 1,000 in the greater Bay Area.

Positive

• Acquired a 160,000+ sqft building at 667 Mission Street
• 8,000 sqft rooftop terrace and event space included
• Expected 2027 renovation completion and move-in date
• Second Bay Area commercial purchase in 2025 (Palo Alto in August)
• 500+ associates in San Francisco; 1,000+ in greater Bay Area

Negative

• None.

Insights

Regional banking strategist

First Citizens expands physical footprint in Bay Area via a large downtown San Francisco office purchase, targeting 2027 occupancy.

First Citizens Bank purchased a six-story building at 667 Mission Street in downtown San Francisco and plans renovations with an expected move-in date of 2027. The building offers more than 160,000 square feet including an 8,000 square foot rooftop terrace; the bank intends to occupy part of the space and lease the remainder.

The acquisition strengthens the bank's on-the-ground presence where it already employs more than 500 associates in San Francisco and over 1,000 in the greater Bay Area, and follows a separate Palo Alto purchase earlier this year. Risks include construction delays, leasing market absorption for the non-occupied portion, and execution of the renovation timeline to meet the 2027 target.

Watch renovation progress, tenant pre-leasing activity, and occupancy timing through 2027; these milestones will determine near-term ROI and local revenue growth over the following 12–36 months.

Commercial real estate finance expert

Large commercial purchase signals capital deployment into Bay Area CRE with partial owner-occupancy and leasing intent.

The bank acquired a 160,000+ square foot, six-story asset in downtown San Francisco and plans renovations before occupying a portion while leasing remaining space. The rooftop terrace and event space increase the building's flexibility for corporate use and third-party tenants.

Key dependencies are the renovation schedule, tenant demand for large downtown space, and integration of the asset into the bank's balance sheet. Potential near-term metrics to monitor include pre-leasing commitments, projected renovation completion dates, and announced tenant mixes ahead of the 2027 move-in window; these will indicate whether the purchase enhances income or adds carrying cost in the near term.

RALEIGH, N.C., Nov. 19, 2025 /PRNewswire/ -- First-Citizens Bank & Trust Company ("First Citizens Bank"), the wholly owned banking subsidiary of First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA), today announced the purchase of a downtown San Francisco building in support of the company's large and growing client base in the region. Located at 667 Mission Street in downtown San Francisco, First Citizens will renovate the office space with an expected move-in date in 2027.

The six-story building comprises more than 160,000 square feet, including an 8,000 square foot rooftop terrace and event space.  Once complete, First Citizens Bank expects to occupy a portion of the building and will also seek tenants.

"San Francisco is a key market within the innovation economy, and this latest acquisition is evidence of our ongoing commitment to being a part of the local ecosystem," said Marc Cadieux, President of Silicon Valley Bank, a division of First Citizens Bank. "We're thrilled to announce this investment that underscores First Citizens' long-term plans to grow in the Bay Area."

First Citizens' Silicon Valley Bank division has had a presence in San Francisco for more than 25 years serving investors and innovation economy companies. Today, First Citizens Bank in total has six branches in the Bay Area as well as Business, Commercial, and Wealth teams that provide a host of banking services for individuals and companies in many industries. The company has more than 500 associates in San Francisco and more than 1,000 in the greater Bay Area. The Bank has been steadily growing its presence in the region, and recently announced a Northern California Market Leader for First Citizens Wealth, also based in San Francisco.

667 Mission Street marks First Citizens Bank's second commercial real estate purchase in the Bay Area this year, following the acquisition of a 43,000 square foot, mixed use building in Palo Alto, California in August, also expected to open in 2027.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity, and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights, and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with over $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com

Media Contact
Katie Ellis
Kellis@svb.com

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SOURCE First Citizens Bank

FAQ

What did First Citizens (FCNCA) buy in San Francisco on Nov 19, 2025?

First Citizens purchased a six-story office building at 667 Mission Street totaling more than 160,000 square feet.

When will First Citizens move into 667 Mission Street (FCNCA)?

The company expects to complete renovations and move in by 2027.

Will First Citizens occupy all of 667 Mission Street (FCNCA)?

No; the bank expects to occupy a portion and will seek tenants for remaining space.

How does the 667 Mission Street purchase fit First Citizens' Bay Area strategy?

It is the bank's second Bay Area commercial real estate purchase in 2025, signaling expansion in the region.

How large is the rooftop event space at 667 Mission Street purchased by FCNCA?

The rooftop terrace and event space measure approximately 8,000 square feet.

How many First Citizens associates work in San Francisco and the greater Bay Area?

First Citizens reports more than 500 associates in San Francisco and over 1,000 in the greater Bay Area.