Uber Leases San Francisco Headquarters Buildings To OpenAI For Expansion
1455 3rd Street & 1515 3rd Street
Building Size
973,200 SF
Asset Type
Office
Closing
Oct 29, 2023
AI
Uber has leased two of its San Francisco headquarters buildings to OpenAI, marking the city's largest lease since 2018. The buildings are located at 1455 3rd Street and 1515 3rd Street. This lease demonstrates OpenAI's commitment to expanding in San Francisco and highlights the changing leasing landscape in the city.
Summary of transaction details
- Property Type: Office - SF: 486,600
- Transaction Date: 10/29/2023
- Landlord: Uber - Dara Khosrowshahi
- Tenant: OpenAI - Sam Altman
- Market: San Francisco
The lease agreement between Uber and OpenAI involves two office buildings in San Francisco. The properties have a combined square footage of 486,600 and are located at 1455 3rd Street and 1515 3rd Street. Dara Khosrowshahi, the CEO of Uber, serves as the landlord in this transaction, while Sam Altman, the former president of Y Combinator, represents OpenAI as the tenant.
Players
San Francisco Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93