Kilroy’s Amplitude Office Lease Sets Post-Pandemic Record

Data analytics company Amplitude has leased headquarters space in Yerba Buena, marking landlord Kilroy Realty’s biggest deal in San Francisco since the pandemic.

Under the agreement, Amplitude will remain in its current offices on the second and third floors — which the company has occupied via a sublease since 2021 — at 201 3rd Street, the San Francisco Business Times reported.

Amid lagging earnings, Kilroy CEO Angela Aman said on the Los Angeles-based company’s first-quarter earnings call last week the Amplitude deal signaled a positive step for the firm. It also provides a boon to the building, which the Business Times called the “most vacant office building in Kilroy’s San Francisco portfolio.”

The San Francisco-based tech firm will pay $47 per square foot in the first year of the direct lease, totaling a base monthly rent of roughly $225,000, or $2.7 million annually. Scheduled annual rent increases of 3 percent will follow, per SEC filings.

The freshly inked deal also gives Amplitude the first right of refusal for an additional 30,983 square feet in the building. The lease will take effect when Amplitude’s sublease with Postmates is up on Oct. 1.

The $47-per-square-foot rate is less than what Amplitude currently pays. The company initially paid Postmates $55 per square foot and now pays $60 a foot.

Amplitude won’t owe a dime at first as it receives a base rent abatement amount of about $2.6 million before Kilroy collects any rent payments. The agreement is contingent upon an $850,000 letter of credit that must be maintained through 120 days after the expiration of the lease, currently set for Feb. 28, 2029.

As of the end of last year, Amplitude maintained a head count of 724 employees, though it isn’t clear how many are based in San Francisco.

Aman recently told TRD that the post-pandemic office occupancy rate in San Francisco has “lagged.”

— Chris Malone Méndez