Kilroy announced Tuesday that file-sharing giant Dropbox will take all of the office space at the Exchange on 16th, an agreement for 736,000 square feet which marks the biggest lease in San Francisco history.
The Exchange, a $570 million speculative development under construction in Mission Bay, represents the last prime office headquarters building site in the neighborhood. Designed by Rios Clementi Hale Studios and Flad Architects, The Exchange is a concrete structure that reads like four distinct buildings in a mix of glass, brick, timber and other materials. It stretches 600 feet from one end to the other, with heights varying from five stories to 12.
“That is exactly what the modern tenants want: bigger floor plates, higher ceiling heights, lots of light and rooftop decks everywhere,” said John Kilroy, Kilroy's chairman and CEO. “It’s a 21st century kind of workforce environment.”
Dropbox will take possession of the space in three phases, starting in the fourth quarter of 2018. The deal represents an expansion for Dropbox, which already occupies 182,000 square feet at another Kilroy property, 333 Brannan St, as well as 115,000 square feet at 345 Brannan.
“We’re excited to partner with Kilroy to create a new home for our growing team," says Dropbox's CEO Drew Houston. "The Exchange is a space that will reflect our creative culture and inspire us to continue building great products for our users.”