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It’s a common story at big tech companies in San Francisco over the past few months – first, one company announces a work-from-home strategy, then comes the offloading of the San Francisco offices. But this deal is crap.
File hosting service Dropbox’s Mission Bay headquarters – a four-building complex at 1800 Owens Street – sells for $ 1.08 billion, reports the San Francisco Chronicle.
The sale, which is expected to close before April, will mark the second-largest single-property deal in city history, falling only behind the $ 1.2 billion sale of the Embarcadero Center in 1998, a much larger complex.
The 750,000 square foot property known as The Exchange is being unloaded at around $ 1,440 per square foot, breaking the record for price per square foot in San Francisco. The buyer is still unknown.
This stunning sale marks the withdrawal of another great tech company from San Francisco offices as working from home becomes the new normal. In October, Dropbox announced that the home office change was permanent.
“We believe the data shows that the switch to remote work, while abrupt, was generally successful,” the company said in a blog post at the time. “… In our internal surveys, most employees say they are able to be productive at home (almost 90%) and don’t want to go back to a rigid five-day work week in the office.”
In February, it was revealed that Uber was looking to offload much of its offices, also in Mission Bay, before they even moved in.
Salesforce, which employs more than 9,000 people in the Bay Area, announced its “Work From Anywhere” strategy in February, estimating that more than 65% of employees will adopt the new system, based on a survey by business.
In January, Digital Realty – a tech support company that employs around 1,500 people worldwide – announced the relocation of its headquarters to Austin, the tech capital of Texas.
Yelp’s San Francisco headquarters at 140 New Montgomery St. is also available for rent. “With more employees working remotely, we are reducing some of our footprint in San Francisco, but we will still maintain our headquarters there,” the participatory reviews company said in a statement.
Last year, Pinterest, the popular social sharing site for pinning recipes, home ideas and more, canceled its $ 89.5 million office lease in San Francisco.
In another area, Gap Inc., recently told employees it would close its Old Navy offices in Mission Bay and consolidate those workers into the parent company’s Embarcadero office building.
Dropbox did not respond to a request for comment at time of posting.
(SFGATE and the San Francisco Chronicle are both owned by Hearst but operate independently of each other.)
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