KKR Real Estate Finance Trust Inc. (KREF) and TMG Partners have finalized a lease with OpenAI for the 350-380 Ellis office campus in Mountain View. The institutional-quality, Class A property consists of five buildings totaling 450,000 square feet, and OpenAI is taking the full campus under a single lease.
The owners described the campus as a future-ready workplace designed to meet the needs of leading global technology users. KREF previously selected TMG Partners in 2024 to reposition 350-380 Ellis, with a focus on enhancing the property to appeal to modern, high-growth companies seeking high-end office environments.
Reflecting on the investment thesis, Matt Salem, CEO of KREF and head of real estate credit at KKR, noted that the firm identified a chance to bring the full capabilities of KKR’s real estate platform to the campus upon taking ownership. He highlighted the location as part of a key technology and growth corridor and said the business plan aimed to create long-term value by improving and reintroducing the property to the market.
Salem added that the ownership team expected the Class A campus to draw interest from forward-thinking occupiers. He emphasized that securing a full-building lease with a high-growth user such as OpenAI in less than two years supports their view of the asset’s positioning and their methodical approach to value creation at the property.
On the leasing side, Newmark and JLL negotiated the transaction on behalf of the ownership and the tenant. Newmark’s executive managing director Jon Mackey, vice chairman Mike Saign and executive vice chairman Phil Mahoney represented the ownership group in the lease discussions. OpenAI was represented by a JLL team consisting of Mike Ino, Jon Moeller, Dan Johnson, Rich Duff and Bridget Fahey.
The lease formalizes OpenAI’s commitment to the Mountain View campus and marks a significant occupancy outcome for KREF and TMG Partners following the repositioning effort that began in 2024. With the full campus now committed under a single tenancy, ownership has executed its leasing strategy for 350-380 Ellis and demonstrated demand from major technology users for institutional-quality office product in this corridor.
