BXP has completed more than 200,000 square feet of new leasing activity at 680 Folsom and 50 Hawthorne in San Francisco’s South Financial District, significantly strengthening occupancy across its downtown office portfolio. The recent transactions bring 50 Hawthorne to full occupancy and lift 680 Folsom to more than 90% leased, underscoring renewed tenant interest in high-quality workplace assets in the city.
Dropbox has committed to the entire 64,000-square-foot building at 50 Hawthorne, establishing the property as the company’s headquarters location. The full-building lease fills the asset and positions it as a single-tenant headquarters environment within BXP’s San Francisco portfolio.
At 680 Folsom, multiple tenants have expanded the building’s headquarters and office roster. Decagon, described as a leading enterprise AI firm, has leased approximately 70,000 square feet of headquarters space in the property. In addition, national construction firm Swinerton Builders and an unidentified software company have each signed leases for 35,000 square feet. Taken together, these new leases elevate the overall leased percentage at 680 Folsom to above 90%.
Commenting on the recent activity, Christine Yuen, senior vice president of leasing at BXP, said that the company’s premier workplace portfolio in San Francisco is experiencing demand driven by a continued flight to quality. She added that BXP’s ongoing investment strategy is aligned with this demand profile, indicating that the landlord is positioning its assets to capture tenants seeking upgraded space.
The leasing transactions involved multiple brokerage teams. Angus Scott and Madison Dutra Sarro of CBRE represented BXP in all of the transactions at 680 Folsom and 50 Hawthorne. On the tenant side, Blake Walker and Ryan Lowe of CBRE represented Decagon, while Jonathan Allen and Griggs Ziesing of JLL represented Swinerton Builders. Dropbox was represented by Luke Ogelsby and Sarah Kelley of CBRE in its full-building headquarters lease at 50 Hawthorne.
The combination of headquarters commitments from Dropbox and Decagon, together with sizable leases from Swinerton Builders and a software tenant, consolidates occupancy momentum at these two South Financial District assets. The activity reflects active participation by both technology and construction-related tenants and supports the positioning of BXP’s buildings as part of the city’s higher-tier office inventory.
