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Dropbox - 1 it's - 1 we've - 1 Drew Houston - 1 Dropbox's - 1 Uber - 1 Tim Regan - 1
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☆ Dropbox handing over 25% of San Francisco HQ back to landlord as commercial real estate softens
  + stars: | 2023-10-20 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Dropbox said Friday that it's agreed to return over one quarter of its San Francisco headquarters to the landlord as the commercial real estate market continues to soften following the Covid pandemic. In a filing, Dropbox said it agreed to surrender to its landlord 165,244 square feet of space and pay $79 million in termination fees. Under the amendment to its lease agreement, Dropbox will offload the space over time through the first quarter of 2025. In addition, Dropbox took a $175.2 million impairment on the office last year "as a result of adverse changes" in the market. Dropbox had tried working with its landlord to sublease space at the headquarters, but the real estate market deteriorated, finance chief Tim Regan, told analysts on a February earnings call.
Persons: Dropbox, it's, we've, Drew Houston, Dropbox's, Uber, Tim Regan Organizations: San Francisco, Vir Biotechnology, CNBC, Private, KKR, Kilroy Realty Corp, San Francisco Chronicle, Microsoft Locations: Mission, Dropbox
☆ Dropbox hit with $175 million real estate loss for 2022 as San Francisco office space sits empty
  + stars: | 2023-02-16 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Its total real estate impairment for the year was $175.2 million, which is still well below the $400 million hit the company took in late 2020. That reduced the company's need for office space and pushed it to find tenants to sublease significant chunks of its headquarters. "And there's certainly been an increase in supply for real estate for sublease, which has pushed out our anticipated time to lease." Salesforce , Airbnb , Uber and Zendesk are among other companies that have taken real estate impairments in the city. Dropbox executives had expected to sublease the company's San Francisco property in the middle of 2023.
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