Cryptocurrency exchange Coinbase is making a strategic return to San Francisco with a major 150,000-square-foot lease at Mission Rock’s Building B. This move comes four years after the company closed its Financial District headquarters in 2021, signaling a renewed commitment to physical office spaces while maintaining its remote-first philosophy.
Key Details of the Lease
- Location: 1090 Dr. Maya Angelou Lane, Building B at Mission Rock
- Space: 150,000 square feet of modern office space
- Building Features: Part of the new Mission Rock mixed-use waterfront development
- Notable Neighbors: Golden State Warriors (70,000 sq ft lease in same building)
A Balanced Approach to Workplace Strategy
Coinbase emphasizes that this lease doesn’t mark a full return to office mandates. A company spokesperson stated:
“While we will continue to provide offices for employees who prefer to work in them, we remain committed to remote-first and have no physical HQ.”
This hybrid approach reflects CEO Brian Armstrong’s 2021 declaration of Coinbase as a “decentralized company with no headquarters.” The company has maintained a smaller 25,000-square-foot WeWork space in Salesforce Tower for Bay Area employees during its remote-first period.
Mission Rock: San Francisco’s New Office Hotspot
The Mission Rock development is emerging as a premier destination for major tenants:
- Developer: Tishman Speyer and San Francisco Giants partnership
- Building B Stats: 295,000 square feet, opened in 2024
- First Phase: Part of the waterfront neighborhood development across from Oracle Park
San Francisco’s Office Market Outlook
The city continues grappling with challenges:
- Current office vacancy rate: 36%
- Potential improvement: CBRE analysts predict AI sector growth could create tens of thousands of jobs, potentially halving vacancy rates by 2030
- Selective demand: New, high-quality developments like Mission Rock are attracting tenants despite market softness
FAQ: Coinbase’s San Francisco Return
Q: Will Coinbase require all employees to return to the office?
A: No. Coinbase remains remote-first and won’t mandate returns or relocations to the Bay Area.
Q: Why did Coinbase choose Mission Rock for its new office?
A: The development offers modern, flexible spaces in a growing waterfront neighborhood, with proximity to transit and amenities.
Q: How does this lease compare to Coinbase’s previous San Francisco footprint?
A: The new space is significantly larger than its pre-pandemic headquarters (430 California Street) but smaller than its original 400,000 sq ft plans pre-2021.
Q: What other companies are located at Mission Rock?
A: The Golden State Warriors recently leased 70,000 square feet in the same building. 👉 Learn more about Mission Rock tenants
The Bigger Picture
Coinbase’s strategic lease demonstrates how tech companies are re-evaluating office needs in post-pandemic markets. By securing premium space in a selective development while maintaining remote flexibility, the company positions itself for both talent attraction and operational efficiency.
As San Francisco’s office market evolves, Mission Rock and similar high-quality developments are likely to remain competitive. 👉 Explore commercial real estate trends in emerging tech hubs.