Waymo is close to finalizing a lease for a significant block of office space at One Market Plaza in San Francisco, according to reporting from the San Francisco Business Times. The self-driving car company has reportedly executed a letter of intent with Elecor Properties to occupy three contiguous floors in the office complex.
The prospective lease would cover a total of 120,000 square feet across the third, fourth and fifth floors of One Market Plaza. Two of those floors, the third and fourth, were previously occupied by Alphabet Inc.’s Google as part of a much larger presence in the property.
Google had long operated from the third and fourth floors as a portion of approximately 320,000 square feet it leased at One Market Plaza. That tenure concluded when Google exited the property in 2025, freeing up a substantial amount of space in the complex and returning it to the market for new users.
The fifth floor space that Waymo is poised to take was most recently home to law firm Morgan Lewis. The firm previously maintained a 150,000-square-foot office footprint within the same complex. Earlier this year, Morgan Lewis relocated its offices to the Transamerica Pyramid, further contributing to the availability at One Market Plaza.
Waymo’s contemplated commitment at One Market Plaza would represent a meaningful increase in its San Francisco office footprint. The company currently occupies slightly less than 80,000 square feet at 555 Market St., and the new lease would substantially expand its overall space in the city.
The combination of former Google and Morgan Lewis floors into a single contiguous block offers Waymo the opportunity to consolidate a larger team in one location. While the reported letter of intent is a preliminary step, the transaction, if completed, would backfill a portion of the space that has turned over in the property following large tenant departures in recent years.
Specific lease economics, including term length, rental rates and concession structure, were not disclosed in the reporting. However, the potential deal would mark a notable new office commitment for a technology-related user in San Francisco’s office market, particularly within a complex that has a history of housing major corporate tenants.
