Dropbox Leases 100% of Kilroy Realty’s New Office Development Project

Less than two months after the project groundbreaking, Kilroy Realty Corporation (KRC) said it has signed a 12-year lease with cloud storage and data-syncing specialist DropBox, Inc. for 100% of the real estate investment trust’s 182,000 square foot, William McDonough-designed office property currently under construction at 333 Brannan Street in San Francisco’s South of Market (SOMA) district.

333 Brannan Street will be the second ground-up LEED Platinum office development project in San Francisco with the first being the company’s 30-story tower leased to Salesforce.com, Inc. at 350 Mission Street.

“We are pleased to add another world class, dynamic technology leader to our portfolio,” said John Kilroy, Jr., company’s chairman, president and CEO. “The relationship we have built with Dropbox further demonstrates the success we’ve achieved in delivering the types of facilities and work environments that tenants want, which has created a virtuous cycle that continues to create additional opportunities for us.“

The six-story brick and concrete building will feature large, efficient, open floor plates, abundant natural light, 100% outside air capability, and a large roof-top garden and roof deck. Among the sustainability attributes of the William McDonough + Partners design are onsite power-generation and a rainwater reclamation system expected to reduce energy usage by approximately 26% and water usage by 45% compared to a typical building of its size.

CBRE, Inc. facilitated the transaction, led by Tim Kazul, Luke Ogelsby and Laurence Morgan representing the tenant and Phil Tippett, Cori English and Sherman Chan representing the landlord.