- 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.
The new location at 1090 Dr. Maya Angelou Lane will form over half of Building B in the Mission Rock waterfront project, developed by Tishman Speyer and the San Francisco Giants. Mayor Daniel Lurie welcomed Coinbase back to the city, stating on X, “San Francisco is the place to build and grow.”
A report in The San Francisco Standard noted the office will be Coinbase’s largest. In response to concerns about the state of the city, CEO Brian Armstrong said on X that there is “still lots of work to do to improve the city,” referencing past management but also recognizing the mayor’s initiatives.
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.
Business tax rules in San Francisco require large companies to pay up to approximately 4% of their annual revenue, while exempting those making under $5 million per year, according to tax advisory firm Ryan and city policy changes approved in 2024. Armstrong noted, “We never left California. Lots of our employees live there. We go to where the talent is,” in another statement addressing further concerns.
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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