Coinbase Eyes 150 KSF San Francisco HQ

Crypto giant Coinbase is negotiating a headquarters lease for 150,000 square feet at Mission Rock Building B, the San Francisco Chronicle reported. Tishman Speyer and The San Francisco Giants own the 313,952-square-foot office building.

The move comes nearly four years after Coinbase adopted a remote-work model and operated without a central office. Now the company is set to establish its offices across three floors at the Mission Rock mid-rise.

Mission Rock is a four-phase waterfront development spanning 28 acres. Phase One consists of two residential and two office buildings. Upon completion, the master plan will feature 1.4 million square feet of office space, 200,000 square feet of retail and 1,200 multifamily units.

Two of the tenants at Mission Rock’s already completed office component are VISA, which leases an entire 13-story property for 1,500 of its employees, and Capgemini, a French information technology company that occupies 50,000 square feet at the property’s mixed-use tower dubbed Canyon. 

Mission Rock Building B, up close

Mission Rock Building B came online in 2023 at 1090 Maya Angelou Lane. The eight-story building features 23,719 square feet of retail space, as well as 32 outdoor terraces and a roof deck, a double-height garden lobby and bicycle facilities. 

Located 3 miles east of downtown San Francisco, Coinbase’s future home is near interstates 280 and 80, as well as the UCSF Medical Center at Mission Bay. The mid-rise is also adjacent to the Mission Rock light train stop.

Office vacancy grows in San Francisco

At the end of March, San Francisco’s office vacancy rate stood at 28.6 percent, marking a 440-basis-point rise compared to the same time last year, a recent CommercialEdge office report shows. The city’s full-service equivalent listing rates averaged $63.8 per square foot during the same month, up 5 percent year-over-year.

However, some leasing agreements are still happening. Last month, The U.S Department of Veterans Affairs committed to 57,000 square feet at 1950 Franklin St. in Oakland, Calif., marking the biggest office lease in the city since 2021. Behring Cos. owns the asset.