Coinbase, the nation’s leading cryptocurrency exchange, has agreed to lease 150,000 square feet of new office space in San Francisco.
The long-term deal marks a homecoming of sorts for the public company, as it paid millions four years ago to shutter its San Francisco corporate headquarters at 430 California St. and pivoted to becoming a remote-first workplace with no headquarters.
According to sources familiar with the deal, Coinbase will occupy more than half of the newly constructed Building B at 1090 Dr. Maya Angelou Lane in Mission Rock, in what will be the company’s single biggest office.
The entire waterfront neighborhood adjacent to Oracle Park was developed by the San Francisco Giants and Tishman Speyer.
A Coinbase spokesperson declined to comment on the deal but stressed that the company will remain “decentralized.” Tishman Speyer, which handles its own leasing, declined to comment.
However, those familiar with Coinbase’s office search say it’s been touring properties in San Francisco for nearly two years, even entering deep negotiations for a similar-size space at China Basin, before returning to Building B.
Throughout the process, Coinbase was fixated on establishing a presence near Mission Bay, which has become a center of the city’s latest tech boom since OpenAI leased nearly 1 million square feet near the Chase Center. Since the neighborhood has only about 2 million square feet of office space out of the city’s total inventory of more than 83 million, Coinbase’s options were limited, given its size requirements.
The lease comes as the crypto firm — valued at $60 billion — was added to the S&P 500 earlier this month, moving it into the mainstream of stocks traded on the U.S. market. In March, Coinbase CEO Brian Armstrong sat three seats from President Donald Trump at a White House summit for the crypto industry.
The Trump family has significant stakes in crypto mining venture American Bitcoin and stablecoin backer World Liberty Financial. Since January, Trump associates have launched two memecoins, while newly appointed leaders at the Securities and Exchange Commission have dropped more than a dozen lawsuits and investigations targeting crypto firms.
“President Trump has really breathed new life back into this industry,” Armstrong told CNBC after the summit.
Despite political alignment in Washington, Coinbase is under investigation by the SEC for potentially misstating user numbers and has admitted to being victim to a cyberattack this month that could cost customers up to $400 million.
According to the firm’s most recent annual report to the SEC, the majority of its approximately 3,800 employees have the option to work remotely. Coinbase paid a one-time lease termination of $25 million in 2023 for breaking its previous San Francisco office lease and still has about $132.3 million in liabilities for corporate offices it leases around the world.
With the Coinbase deal, there will be roughly 75,000 square feet of office left to fill at Building B. The Golden State Warriors became the first tenants last year. Another crypto startup, World, came close to leasing the remaining space before backing out and signing at 600 Townsend St.
Leasing brokers have been stuffing Mission Rock with beloved San Francisco retail brands such as Ariscault Bakery, Blue Bottle Coffee, Ike’s Love & Sandwiches, and Flour + Water Pizza.