Coinbase Leases Major San Francisco Office, Returns To The City

HomeNews* Coinbase is leasing 150,000 square feet at Mission Rock in San Francisco, marking its return to the city with its largest single office.

• The new office space covers more than half of Building B at 1090 Dr. Maya Angelou Lane and is part of a waterfront development.
• Coinbase previously left San Francisco’s headquarters model in 2021 and paid $25 million for early lease termination.
• San Francisco’s business tax structure means larger companies, like Coinbase, can pay up to 4% of annual revenue in taxes.
• Although described as a “remote-first” company, Coinbase still holds $132.3 million in global lease obligations. Coinbase, a major cryptocurrency exchange, has signed a lease for 150,000 square feet of office space at Mission Rock, a new development in San Francisco. This move represents the company’s return to a physical presence in the city after shifting to a remote-first model and leaving its headquarters in 2021.

• Advertisement - Four years earlier, Coinbase paid $25 million to end its previous San Francisco office lease, transitioning to a model with no main headquarters to support a decentralized workforce. While the company described itself in a 2024 SEC filing as “remote-first,” it maintains real estate leases globally, with $9.9 million due in the next year out of $132.3 million in total operating lease obligations.

The decision to reestablish a major office in San Francisco follows Coinbase’s inclusion in the S&P 500 earlier in May, confirming its role among top U.S. public companies. Rival exchange Kraken also exited San Francisco in 2022, citing deteriorating city conditions.

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