Moloco is moving its headquarters into larger offices in Menlo Park, taking space once occupied by Meta.
The software company, currently based in Redwood City, will occupy nearly 60,000 square feet of offices at 135 Commonwealth Drive, the San Francisco Business Times reported. The sublease deal with the tech giant marks one of the largest office leases in the Bay Area in the third quarter.
Moloco’s new headquarters will come complete with amenities like a wellness center, on-site gym, 76 conference rooms and walking trails.
“I’m giddy,” Joanne Wrenn, chief people officer at Moloco, told the Business Times of the move. “We have a lot of action happening here.”
The company’s head count in the Bay Area has grown to nearly 200 employees. Founded in 2013, the about $2 billion firm has been able to capitalize on the artificial intelligence boom by helping advertisers use machine learning to better target and optimize their ad campaigns.
After signing the lease deal, Moloco reportedly hosted a company tour of its new digs at 135 Commonwealth to introduce employees to the space. The company is planning for up to 400 desks at the site to accommodate its machine-learning teams and to support collaborative work. Moloco plans to relocate at the top of next year.
“We have big ambitions,” Wrenn said. “We just needed a place where we can grow.”
AI’s meteoric growth in recent years has been attracting startups and tech companies doubling down on AI in the Bay Area. In the third quarter, in San Francisco alone, businesses sought 7.9 million square feet of offices, marking an all-time high for office space demand in the city, per CBRE data. That includes 2.6 million square feet of net new demand, putting it in line with pre-pandemic averages. CBRE predicted in May that AI office occupancy in San Francisco would reach 21 million square feet by the end of the decade.
Nearby in Menlo Park, AI company Snowflake just opened its 30,000-square-foot “Silicon Valley AI Hub,” designed for cross-collaboration between up-and-coming firms in the AI sphere.