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Dropbox Signs Largest Office Lease in San Francisco History

File Hosting Service to Fully Occupy Office Component of Kilroy Realty Corp.'s The Exchange on 16th in Mission Bay
October 11, 2017
Dropbox has signed a lease for 100% of the office space in Kilroy Realty Corp.'s The Exchange on 16th project in a deal that represents the largest single office lease ever signed in San Francisco.

The file hosting service and leading global collaboration platform agreed to a 15-year lease for 736,000 square feet within the 751,242-square-foot, four-building project currently under development along the 16th St. corridor in San Francisco's Mission Bay area. Dropbox will expand into its new space in three phases to begin in the fourth quarter of 2018 and conclude in the fourth quarter of 2019.

Kilroy Realty Corp. (NYSE: KRC) broke ground in late 2015 on The Exchange on 16th, a sprawling $570 million speculative project marketed as a venerable creative workspace that would appeal to a diverse range of users including office and life science tenants.

Designed by Rios Clementi Hale Studios, the LEED Platinum-seeking development will consist of four interconnected buildings, comprised of two six-story and two 12-story buildings, with an array of on-site features to include collaborative outdoor spaces, two public lobbies, rooftop gardens and a lobby bike spa, as well as 14,400 square feet of street-level retail space currently available for lease. The Exchange is slated to deliver adjacent to I-280 near Muni's T-Line at 1800 Owens St. in mid-2018.

Founded in 2007 by a pair of MIT students, Dropbox offers users cloud storage, file synchronization, personal cloud and software capabilities through a freemium business model. The company is one of the most valuable startups in the country with a valuation of more than $10 billion and more than 500 million active users.

The lease is the second successful collaboration for KRC and Dropbox, which signed a lease in early 2014 to fully occupy the 183,548-square-foot, six-story building KRC owns two blocks from AT&T Park at 333 Brannan St. Dropbox also occupies 115,000 square feet at 345 Brannan.

The developer behind a handful of San Francisco projects including 100 Hooper St., 350 Mission St and the aforementioned 333 Brannan building, The Exchange on 16th marks the third-ground-up development in San Francisco for KRC. The company is also scheduled to kick off construction later this year on the redevelopment of The Flower Mart at 6th and Brannan St. into a 1.8 million-square-foot mixed-use development.

Bill Cumbelich and Mark Geisreiter of CBRE's San Francisco office, alongside Sherman Chan of CBRE's San Jose office, represented KRC in negotiations at The Exchange on 16th.
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