Major cryptocurrency exchange Coinbase has leased 40,000 square feet of office space in Silicon Valley formerly occupied by Mark Zuckerberg's Meta.
The lease at 391 San Antonio Road in Mountain View formed part of Meta's huge 457,000-square-foot campus, which included another address at 401 San Antonio Road, The Real Deal first reported. News of the lease was included in a second quarter market report by Savills.
Coinbase—which announced its plans to embrace a remote-first approach to work in May 2020—is likely taking advantage of downward price pressure resulting from high vacancy rates in commercial real estate. The office availability rate in Silicon Valley rose to 26.6% in the second quarter, according to Savills.
Coinbase did not respond to requests for comment by publication time. The company, which began in San Francisco in 2012, announced plans to leave its San Francisco headquarters in a May 2021 tweet.
After riding a wave of crypto enthusiasm to an April 2021 initial public offering, Coinbase's share price plummeted from a previous high of $340 per share to about $40 in January 2023 when its leaders announced 950 job cuts, which ranked among the region's top tech layoff numbers this year.
After idling for much of the spring, the company's share price more than doubled from around $50 in mid-June to about $108 per share as of Wednesday.