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San Francisco house to Dropbox bought for $1.08 bn

Dropbox CEO Drew Houston (2nd from R) and Dropbox co-founder Arash Ferdowsi can be seen at Dropbox’s IPO on the Nasdaq MarketSite on March 23, 2018

The San Francisco building, which the file hosting service Dropbox is leasing as its headquarters, is being sold for a whopping $ 1.08 billion, the owners said on Monday.

The price per square foot (square meter) for sales of buildings was a new high in the San Francisco commercial real estate market, according to its owner, Kilroy Realty Corporation.

“This is a clear sign that people are still excited to be a part of San Francisco and its future,” said San Francisco Mayor London Breed in a press release.

Dropbox, which provides data storage and other services hosted on the internet cloud, signed a 15-year lease for all office space in the building in 2017, according to owner Kilroy Realty Corporation.

It was unclear how much of Dropbox’s 60,000-square-foot office property was still in use as the pandemic was relocating technicians to do their work remotely.

Dropbox announced late last year that it was a “virtual first” company, making working outside the office the “primary experience” for its employees.

Dropbox announced in its latest quarterly earnings report that it plans to sublet some of its office space while keeping some for team collaboration.

The technology company reported $ 398 million in “impairment charges” related to its rented space in the last quarter of last year.

Silicon Valley has seen some of its high-profile stars depart as a pandemic shift to remote working and political polarization tarnished the appeal of the tech industry’s premier hub.

Dropbox has other features, including a password management tool for premium users

© 2021 AFP

Quote: Dropbox’s San Francisco home sold for $ 1.08 billion (2021, March 8) and was sold on March 8, 2021 from https://techxplore.com/news/2021-03-san-francisco-home -dropbox-sold.html

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