Dropbox just signed the biggest office space deal in San Francisco history - 736,000 square feet
Screenshot/Kilroy
Now it's taking the lead in a completely different area: real estate.
The company has agreed to lease 736,000 square feet of office space in the Mission Bay neighborhood of San Francisco. The deal is the single largest office lease in the city's history.
The Exchange is a still-under-construction $570 million four-building complex that is being developed by Kilroy Realty Corporation. In addition to office space, the complex will also have 14,000 square feet of retail space which will be leased to other companies.
Dropbox's lease will last 15 years, starting at the end of 2018. The company didn't say how much it will pay to rent the space.
"We're excited to partner with Kilroy to create a new home for our growing team," Drew Houston, CEO of Dropbox, said in a statement. "The Exchange is a space that will reflect our creative culture and inspire us to continue building great products for our users."
Dropbox's current office, where it moved in April 2016, is in San Francisco's South Beach neighborhood - about a 25 minute walk from the new building.
The company's current office features a 5-foot-tall chrome panda statue in the entry way - rumored to cost around $100,000 - which came to represent a shift in the company from a buoyant darling of Silicon Valley excess to a serious business with an eye on profitability.
A representative for Dropbox declined to say whether or not the panda will move to the new office.
Take a peek at what Dropbox's new building will look like:
Coming face to face with @AusterityPanda. pic.twitter.com/kqOIiRDdrB
- Greg Sands (@gsands) May 11, 2016
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley