Specific large SF leases reported
Institutional landlord BXP announced more than 200k sq ft of new commitments in SF’s South Financial District, including Dropbox taking a full 64k sq ft at 50 Hawthorne and Decagon signing for about 70k sq ft at 680 Folsom. Those deals pushed occupancy at some downtown properties into the high‑90s, showing pockets of tightening even as citywide vacancy varies. (x.com)
BXP said on April 15 that it signed more than 200,000 square feet of new leases at 50 Hawthorne and 680 Folsom in San Francisco’s South Financial District. (ir.bostonproperties.com) The biggest deal was Dropbox taking the entire 64,000-square-foot building at 50 Hawthorne. BXP said that lease brought the property to 100% occupancy. (ir.bostonproperties.com) At 680 Folsom, artificial intelligence startup Decagon signed for about 70,000 square feet and Swinerton Builders took roughly 17,000 square feet. BXP said those commitments pushed that building to more than 90% leased. (ir.bostonproperties.com) Those building-level gains are landing in a city that still has a lot of empty office space. CBRE said San Francisco’s overall office vacancy rate was 30.4% in the first quarter of 2026. (cbre.com) The split helps explain the market now: vacancy remains high across the city, while demand has been concentrating in newer, better-located Class A buildings. Colliers said first-quarter demand was driven largely by artificial intelligence firms and was concentrated in premier towers. (colliers.com) Leasing activity has also picked up sharply. CBRE reported 2.27 million square feet of positive net absorption in the first quarter, and Colliers called the quarter San Francisco’s strongest office-market performance in years. (cbre.com) (colliers.com) Decagon’s lease fits that pattern. In January, the company announced a $250 million Series D round that valued it at $4.5 billion, and The Real Deal reported later that month that Decagon was in talks for about 70,000 square feet at 680 Folsom. (therealdeal.com) Dropbox’s move is different but still notable. Instead of trimming space, it committed to a full 64,000-square-foot building in a downtown submarket where landlords have been competing hard for large tenants. (ir.bostonproperties.com) For BXP, the announcement is a property story more than a citywide verdict: one building is full, another is above 90%, and San Francisco as a whole is still working through elevated vacancy. (ir.bostonproperties.com) (cbre.com)
