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350 Rhode Island Street San...

Updated Oct 29, 2024

Adept AI Labs Leases 35,000 Sq Ft Office Space In San Francisco's Area AI
LEASEDOffice

Adept AI Labs Leases 35,000 Sq Ft Office Space In San Francisco's Area AI

350 Rhode Island Street San Francisco, California 94103, USA

Building Size

35,000 SF

Asset Type

Office

Closing

Aug 10, 2023

About this deal

AI

Adept AI Labs, led by David Luan, has secured a lease for 35,000 sq ft of office space at 350 Rhode Island Street in San Francisco's "Area AI." This industrial-zoned space is the latest addition to the city's growing cluster of AI and tech firms, showcasing their preference for unique locations amidst the current rise in remote work-related office vacancies.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 350 Rhode Island Street, San Francisco
  • Market: San Francisco
  • Asset Type: Office
  • Square Footage: 35,000 sq ft

This lease deal represents an exciting opportunity for Adept AI Labs as they expand their operations in San Francisco. With David Luan at the helm, the company is well-positioned to thrive in the city's thriving AI and tech sector. By securing a distinctive location in "Area AI," Adept AI Labs joins a community of like-minded companies driving innovation in artificial intelligence.

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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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