OpenAI Leases 282,000 Square Feet Office From Dropbox At 1800 Owens Street In San Francisco

The asset involved in this transaction is an office property located at 1800 Owens Street in San Francisco, comprising 282,000 square feet. The property is owned by an affiliate of KKR & Co. and has been backed by a loan of $600 million securitized through DROP Mortgage Trust, 2021-FILE. In the past year, it has generated a cash flow of $44.5 million but is currently on a special servicing watchlist due to Dropbox downsizing its footprint in light of remote work policies.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 1800 Owens Street
• Market: San Francisco
• Landlord: Drew Houston - Dropbox
• Tenant: Sam Altman - OpenAI

This transaction features Drew Houston representing Dropbox and Sam Altman representing OpenAI, with the latter agreeing to sublease the substantial office space of 282,000 square feet from the landlord as the company responds to changes in workspace needs.