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3180 18th Street

Updated Dec 4, 2024

Elon Musk's XAI Corp Leases Office Space At 3180 18th Street In San Francisco
LEASEDOffice

Elon Musk's XAI Corp Leases Office Space At 3180 18th Street In San Francisco

3180 18th Street

Building Size

37,000 SF

Asset Type

Office

Closing

Oct 2, 2024

About this deal

AI

The asset involved in this lease transaction is an office space located at 3180 18th Street in the Mission District of San Francisco. The total square footage of the office is 37,000 square feet. The property is situated in a market known for its dynamic business environment defined by tech companies and startups.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 3180 18th Street
  • Market: San Francisco
  • Tenant: Elon Musk - xAI Corp

Elon Musk's artificial intelligence company, xAI Corp, has taken occupancy of the office space, which was previously subleased to OpenAI. Musk announced the opening of the office at a networking event and noted that the xAI team has re-furnished the space. However, the building remains listed for sublease as of Wednesday.

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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

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