(Source: www.businessinsider.com)

Dropbox has made a name for itself as a leader in file sharing and cloud storage.

Now it’s taking the lead in a completely different area: real estate. 

The company has agreed to lease 736,000 square feet of office space in the Mission Bay neighborhood of San Francisco. The deal is the single largest office lease in the city’s history.

The Exchange is a still-under-construction $570 million four-building complex that is being developed by Kilroy Realty Corporation. In addition to office space, the complex will also have 14,000 square feet of retail space which will be leased to other companies. 

Dropbox’s lease will last 15 years, starting at the end of 2018. The company didn’t say how much it will pay to rent the space. 

“We’re excited to partner with Kilroy to create a new home for our growing team,” Drew Houston, CEO of Dropbox, said in a statement. “The Exchange is a space that will reflect our creative culture and inspire us to continue building great products for our users.” 

Dropbox’s current office, where it moved in April 2016, is in San Francisco’s South Beach neighborhood — about a 25 minute walk from the new building.

Coming face to face with @AusterityPanda. pic.twitter.com/kqOIiRDdrB

— Greg Sands (@gsands) May 11, 2016

The company’s current office features a 5-foot-tall chrome panda statue in the entry way — rumored to cost around $100,000 — which came to represent a shift in the company from a buoyant darling of Silicon Valley excess to a serious business with an eye on profitability.

A representative for Dropbox declined to say whether or not the panda will move to the new office.

Take a peek at what Dropbox’s new building will look like:

More Info: www.businessinsider.com

Advertisements